“The first two weeks of October seem to be pointing towards more
balanced market conditions as we move toward 2012. Growth in new listings
outstripped growth in sales, meaning more choice for buyers,” said Toronto Real
Estate Board President Richard Silver. “A growing number of home owners are
reacting to the above average price growth reported this year and have decided
to list their home for sale. They are confident they will receive timely offers
in line with their asking prices.”
The average selling price
during the first two weeks of October was $475,743 – up 7.5 per cent compared
to the same period in 2010.
“The average resale home price
is expected to grow at a slower pace in the months ahead because the market is
becoming better supplied. There will be less competition between home buyers as
we move through the fall and winter.” said Jason Mercer, the Toronto Real
Estate Board’s Senior Manager of Market Analysis. “With a more balanced market in
2012, the average rate of annual price growth is expected to be in the mid
single digits.”
