* 2011 is the 2nd best year on record with total of 89,347 resale transactions representing an increase of 4%.
* The average GTA home sale price of 2011 was $465,412 whereas the average was $431,276 in 2010.
* "... Very tight market conditions meant substantial competition between Buyers and strong upward pressure on selling prices. TREB 's baseline forecast for 2012 is an average price of $485,000."
Above is our annual average home price chart updated with 2011 data. Yes, the average home price in 1966 was $21,360. And it has increased by 21.79 times in 45 years. It works out to be an average growth of 7.09% per annum.
Given housing related spending contributes to 20% of our GDP, a healthy real estate market is good for Canadian economy.