Toronto Market is Booming
By Brian Madigan LL.B.
It’s hard to believe but November was a great success when it comes to Toronto real estate. Prices were up and sales were up.
The usual and predictable pattern is that both prices and sales would decline in November. Traditionally, there are two peaks each year, one in the Spring and the other in the Fall. May is the Spring peak and October is the Fall peak.
But, before rejoicing too soon, let’s look a little deeper. The expectation is that the October price will match the earlier May price. However, that didn’t happen this year.
In May, the average price reached $485,486, and in October, the average price was $476,125, and that raised to $480,421 in November. So, the Fall peak this year is still short of the Spring peak.
Real estate enthusiasts will point out that the year over year numbers show a 9.8% increase.
Nevertheless, the year to date sales suggest that even with an average December, 2011 will end up breaking records for sales, and probably prices too.