Greater Toronto Realtors reported 3,477 transactions through the Toronto MLS® system during the first 14 days of October 2011. This total represented a 20 per cent increase over 2,890 sales reported during the first two weeks of October 2010. Year-over-year growth in new listings for the same period was slightly stronger than that recorded for sales – up 21 per cent to 6,249.
“The first two weeks of October seem to be pointing towards more balanced market conditions as we move toward 2012. Growth in new listings outstripped growth in sales, meaning more choice for buyers,” said Toronto Real Estate Board President Richard Silver. “A growing number of home owners are reacting to the above average price growth reported this year and have decided to list their home for sale. They are confident they will receive timely offers in line with their asking prices.”
The average selling price during the first two weeks of October was $475,743 – up 7.5 per cent compared to the same period in 2010.
“The average resale home price is expected to grow at a slower pace in the months ahead because the market is becoming better supplied. There will be less competition between home buyers as we move through the fall and winter.” said Jason Mercer, the
Toronto Real Estate Board’s Senior Manager of Market Analysis.
On October 25th, the Bank of Canada have decided to leave it’s policy rate unchanged and will likely not increase rates until until late 2012 or 2013 – keeping affordability in reach
for more home buyers. A Qualified Buyer can currently get 4 Year Fixed Rate Mortgage for ONLY 2.99%. Plus a decent amount of Inventory to select from with lesser buyers competing due to traditional winter slow down…..Buyers are definitely on the driving seat…..Atleast for now!