The final numbers are in; 2011 was the second best year or record, with 89,347 reported TREB sales. The best year remains 2007 with 93,193 sales. Average prices rose 4.1%. My prediction made in my newsletter of February 2011 showed 80,000 sales and a 3% increase in pricing. The average “days on market” for time to sell was just 32 days, down from 37 days, showing a continuous tightening of the market.
Condo sales now account for 33% of all sales in the TREB GTA. This percentage number has increased dramatically over the last 10 years as new condo construction has outpaced single family home construction. A demand shift has occurred towards condominium living. This is the future of downtown housing. Case in point – a typical month in 2011, TREB reported 979 central condo sales and 463 detached/semi or townhouse sales. The condominium market IS the market in central Toronto (the borders of which are Dufferin to the west, DVP/Victoria Park to the east, Steeles to the north, and the waterfront to the south). Last year, 11,756 condominiums sold in Central Toronto on TREB MLS versus 10,994 the year before. Expect 2012 to show even more growth in condo MLS resales.