I don’t think there was a single seller who could have had a complaint with the year we had in 2011! Sales were exceptional and the average days on market for a home was one of the best on record. 2012 will be a year of more moderate growth which is great news for buyers who were often faced with competing offers on the homes they liked. Below is an excerpt from TREB’S Market Watch.
“Low borrowing costs kept Buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs,” said TREB President Richard Silver. “If Buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area,” added Silver.
“Months of inventory remained below the pre-recession norm in 2011. Very tight market conditions meant substantial competition between Buyers and strong upward pressure on selling prices,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“TREB’s baseline forecast for 2012 is for an average price of $485,000, representing a more moderate four per cent annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook,”
For more specific information on your local market you can contact me for a detailed analysis of what your homes current value is! Thanks for reading 🙂