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November 2011 Market Watch
1. For All TREB Member Inquiries:
(416) 443-8152
For All Media/Public Inquiries:
November 2011 (416) 443-8158
Economic Indicators Healthy Fall Market Continues in November TorontoMLS® Sales Activity1,7
Toronto, December 6, 2011 — Greater Toronto REALTORS® reported 7,092
Real GDP Growthi
residential transactions through the TorontoMLS® system in November – up 11 per
Q3 2011 t 3.5% cent in comparison to November 2010. At the same time, the number of new
listings was up by 14 per cent in comparison to last year.
Toronto Employment Growthi i
November 2011 t 0.3% “We have seen strong annual sales growth through the 2011 fall market. The 7,092
increase in transactions has been broad-based, with strong growth across low-rise 6,384
Toronto Unemployment Rate and high-rise home types throughout the Greater Toronto Area,” said Toronto Real
November 2011 t 8.4% Estate Board (TREB) President Richard Silver. “The market has also become better
ii
supplied, with annual new listings growth outstripping that of sales. As this trend
Inflation (Yr./Yr. CPI Growth) continues into 2012, we will see more balanced market conditions.”
October 2011 u 2.9% November 2011 November 2010
The average price for November transactions was $480,421, representing an
iii
Bank of Canada Overnight Rate increase of almost 10 per cent in comparison to $437,494 in November 2010.
November 2011 q 1.0% TorontoMLS® Average Price1,7
“Despite strong price growth this year, the housing market remains affordable in the
iv GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The correct
Prime Rate
method of assessing affordability is to consider the share of the average household’s
November 2011 q 3.0%
income that is dedicated to mortgage principal and interest, property taxes and
iv utilities. Currently, this share remains in line with generally accepted lending
Mortgage Rates (Nov. 2011)
guidelines. Given this positive affordability picture, average price growth is forecast
$480,421
$437,494
Chartered Bank Fixed Rates to continue in 2012, albeit at a more moderate pace.”
1 Year q 3.50%
1,7
3 Year q 4.05% Sales & Average Price By Major Home Type
5 Year q 5.29%
November 2011
Sources and Notes: Sales Average Price
i
Statistics Canada, Quarter-over-quarter 416 905 Total 416 905 Total November 2011 November 2010
growth, annualized
Detached 975 2,259 3,234 $776,017 $540,299 $611,364
ii
Statistics Canada, Year-over-year growth 1,7
for the most recently reported month
Yr./Yr. % Change 9% 12% 11% 12% 10% 10% Year-Over-Year Summary
Semi-Detached 333 449 782 $562,064 $370,827 $452,262 2011 2010 % Chg.
iii
Bank of Canada, Rate from most recent
Yr./Yr. % Change 13% 13% 13% 13% 8% 11% Sales 7,092 6,384 11.1%
Bank of Canada announcement
iv
Townhouse 350 711 1,061 $418,050 $342,954 $367,727 New Listings 9,786 8,586 14.0%
Bank of Canada, rates for most recently
completed month Yr./Yr. % Change 17% 4% 8% 2% 11% 8% Active Listings 15,551 18,305 -15.0%
Condo Apartment 1,336 546 1,882 $365,131 $272,479 $338,251 Average Price $480,421 $437,494 9.8%
Yr./Yr. % Change 9% 18% 11% 8% 9% 8% Average DOM 29 34 -14.9%
2. Toronto Real Estate Board
SALES BY PRICE RANGE AND HOUSE TYPE1,7 NOVEMBER 2011
Price Range Detached Semi-Detached Att/Row/Twnhouse Condo Townhouse Condo Apt Link Co-op Apt Det Condo Co-ownership Apt Total
$0 to $99,999 1 0 0 4 21 0 1 0 0 27
$100,000 to $199,999 55 17 8 71 272 3 5 0 3 434
$200,000 to $299,999 274 75 98 179 606 18 1 5 5 1,261
$300,000 to $399,999 580 280 178 191 556 22 2 1 2 1,812
$400,000 to $499,999 652 209 136 52 237 43 0 2 0 1,331
$500,000 to $599,999 551 87 57 21 90 17 1 0 0 824
$600,000 to $699,999 353 50 21 9 48 2 0 0 0 483
$700,000 to $799,999 241 34 7 5 18 0 0 0 0 305
$800,000 to $899,999 123 9 10 1 6 0 0 0 0 149
$900,000 to $999,999 85 2 6 0 7 0 0 0 0 100
$1,000,000 to $1,249,999 132 9 3 3 11 0 0 0 0 158
$1,250,000 to $1,499,999 71 6 1 0 1 0 0 0 0 79
$1,500,000 to $1,749,999 42 2 0 0 0 0 0 0 0 44
$1,750,000 to $1,999,999 25 2 0 0 3 0 0 0 0 30
$2,000,000 + 49 0 0 0 6 0 0 0 0 55
Total Sales 3,234 782 525 536 1,882 105 10 8 10 7,092
Share of Total Sales 45.6% 11.0% 7.4% 7.6% 26.5% 1.5% 0.1% 0.1% 0.1% -
Average Price $611,364 $452,262 $416,027 $320,418 $338,251 $403,659 $232,100 $309,700 $239,919 $480,421
SALES BY PRICE RANGE AND HOUSE TYPE1,7 YEAR-TO-DATE, 2011
Price Range Detached Semi-Detached Att/Row/Twnhouse Condo Townhouse Condo Apt Link Co-op Apt Det Condo Co-ownership Apt Total
$0 to $99,999 29 3 5 41 213 0 14 0 4 309
$100,000 to $199,999 762 215 80 829 3,085 20 55 4 23 5,073
$200,000 to $299,999 3,581 1,040 1,258 2,378 7,010 330 24 32 40 15,693
$300,000 to $399,999 7,668 3,664 2,356 2,374 6,286 329 21 26 7 22,731
$400,000 to $499,999 8,322 2,638 1,435 543 2,474 510 7 24 0 15,953
$500,000 to $599,999 6,721 806 537 209 976 181 5 7 1 9,443
$600,000 to $699,999 4,438 473 223 126 407 27 0 0 0 5,694
$700,000 to $799,999 2,583 262 93 59 205 3 0 3 0 3,208
$800,000 to $899,999 1,629 122 56 26 86 0 0 2 0 1,921
$900,000 to $999,999 971 43 22 13 56 0 0 0 0 1,105
$1,000,000 to $1,249,999 1,346 70 18 15 90 0 1 0 0 1,540
$1,250,000 to $1,499,999 772 30 10 8 36 0 0 0 0 856
$1,500,000 to $1,749,999 413 18 6 2 32 0 0 0 0 471
$1,750,000 to $1,999,999 237 12 2 0 17 0 0 1 0 269
$2,000,000 + 531 18 0 1 43 0 0 0 0 593
Total Sales 40,003 9,414 6,101 6,624 21,016 1,400 127 99 75 84,859
Share of Total Sales 47.1% 11.1% 7.2% 7.8% 24.8% 1.6% 0.1% 0.1% 0.1% -
Average Price $584,457 $432,161 $396,823 $317,947 $331,474 $392,261 $226,731 $386,189 $222,419 $466,357
Page 3 July 2010
Market Watch, November 2011 2