Toronto Real Estate Market Update

February 14, 2012 — Greater Toronto REALTORS® reported 4,567 sales through the TorontoMLS® system in January 2012. This number was 8.8 per cent higher than the 4,199 sales reported in January 2011. Sales growth was strongest for low-rise home types in the regions surrounding the City of Toronto.
Very significant is that the number of listings on the market dropped by 9.1% and thaat the average price was up 8.9% with the average sale price in the GTA coming in at $463,534.00.
  Bidding wars are running rampant throughout the city however, there are homes that are not selling because they need work or they are overpriced and might be tempted by seeing a lower offer.
CMHC- Canada Mortgage and Housing is predicting 2 more years of strong market due to low interest rates and lack of product for sale along with an extremely active buyer pool.