With Decemberís results now in, the Toronto Real Estate Board reports that 2010 was the third best year in the history of the Toronto resale market. Over 86,000 residential resale properties were reported sold.† Market conditions were neither uniform nor consistent, with most sales occurring in the first half of the year.
At yearís end, the annualized average sale price for Toronto area homes was $431,463. This represents a 9 percent increase compared to the average sale price of $395,460 in 2009. In fact, 2010 marked the 15th consecutive year of annual increases in sale prices for Toronto area homes. The forecast for 2011 is that we will se a moderate rise in average sale prices.
The fact that Torontoís listing inventory remains low by historical standards is of interest and perhaps concern as we move into 2011.† In the last quarter of 2010, the Toronto are experienced considerable buyer demand, however there was insufficient product to satisfy it. It was not uncommon to see multiple bids for well-priced properties in desirable areas. So far this trend continues in 2011.