Second Best December on Record
Greater Toronto REALTORS® reported 4,718 transactions through the TorontoMLS® system in December 2011. The December result capped off the second-best year on record under the current Toronto Real Estate Board (TREB) boundaries. Total sales for 2011 amounted to 89,347 – up four per cent in comparison to 2010.
Low borrowing costs kept Buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs. If Buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area.
Average Selling Price Up
The average selling price in December was $451,436 – up four per cent compared to December 2010. For all of 2011, the average selling price was $465,412, an increase of eight per cent in comparison to the average of $431,276 in 2010.
Months of inventory remained below the pre-recession norm in 2011. Very tight market conditions meant substantial competition between Buyers and strong upward pressure on selling prices.
Forecast for 2012
Is an average price of $485,000, representing a more moderate four per cent annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook.
 Selling? Make Your Renovations Pay Off
It’s all about kitchens and bathrooms this year! Dual sinks are hot along with stainless steel appliances, solid-surface countertops (granite, Corian) and ceramic tile backsplashes. These updates are high on the list with an average payback rate of between 75 - 100 percent. But with picky buyers in the marketplace today, a good paint job is really important.
Green Your Home! Buyers are definitely taking the environmental aspect of a house seriously. You could have a great looking house, but if it’s grossly inefficient, it will definitely be harder to sell.
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