Good Start to 2011!
While February started Torontonians off with a major snowstorm, January's real estate numbers were being tabulated, and the results were enough to warm the hearts of many people. With 4,337 single family homes sold in January, 2011 was off to another great year for sales and price appreciation for G.T.A. property owners.
The average selling price for January 2011 sales was $427,037, representing an increase of over four per cent compared to the average of $409,058 reported in January 2010. All predictions point to price increases between 3%-5% in 2011, which keeps prices affordable for buyers entering the real estate market.
42.9% of the buyers in January (1,974) purchased in the $250,000 - $400,000 price range, indicating that first time buyers are buying homes and continue to be the driving force in the market place. It also shows that Toronto still has many affordable homes for first time buyers! These buyers start the chain of others buying their "next home" and in fact, 145 people purchased homes in excess of $1,000,000 in January.
The real estate market continues to be strong and there is really nothing on the horizon that threatens the continued demand for real estate which ultimately results in higher house prices
Please remember, "I am never too busy for your referrals!" Let me know if you know of someone who could use my expertise. I promise to take extra good care of them!
Have a great month
Your Friend in Real Estate
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