If there’s one thing we love more than market reports, it’s market reports in video form!
The Toronto Real Estate Board must have known that when they were making this great video that summarizes their Market Watch Report for December 2011. It’s hosted by Jason Mercer, TREB’s Senior Manager, Market Analysis and covers MLS sales totals, housing affordability and the price outlook for 2012.
Here are a couple key points if you don’t want to watch the video because then you’d have to pause the song or movie you’ve already got playing (we know how it is…):
- In 2011 Toronto had its second best year on record more than 89,000 transactions
- There were 4700 sales in December 2011
- The key to the strong sales was affordability, interest rates remained low and the Bank of Canada is not expected to raise them until the first half of 2013
- In 2011 the average home price grew by 8 per cent to over $465,000
- Strong sales are expected to continue in 2012, but price growth will not grow as strongly as 2011