Google+ FANNY LEE & THE TEAM :Own Homes. Grow Wealth. Pass It On.: GTA Average Home Resale Price

Friday, 6 January 2012

GTA Average Home Resale Price

TREB released the December monthly GTA home resale market data.  The 2011 annual data has also become available.  Key points worth noting:-

* 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.

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