Sales still strong in mid-November
Toronto MLS sales for the first part of November averaged $481,548, about 10% over the same period in 2010. The number of sales was also strong, about 13% higher than in 2010.
Prices for semi-detached homes rose strongest in the 416 area, while detached home prices rose most in the 905 area. Interestingly, these two categories are both in the mid-$500K range, which may suggest a price point that is in great demand.
Affordability and market confidence
“Little or no movement is expected for mortgage rates through 2012. Low rates coupled with the consensus outlook for continued economic growth next year suggests that homes will remain affordable in the GTA and households will remain confident in doing deals,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.