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

Friday, January 6, 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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