Greater Toronto REALTORS® reported 4,337 transactions through the TorontoMLS® system in January 2011, says Toronto Real Estate Board. This result was 13 per cent lower than the record result reported in January 2010.
"While off the record pace experienced a year ago, the Great Toronto Area resale market has started the year on a solid footing. Home buyers in Toronto and surrounding areas continue to benefit from a diversity of housing types for sale at many different price points," said TREB President Bill Johnston.
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.
"The average selling price is expected to grow at a moderate pace in 2011. Growth rates in the three to five per cent range will be sustainable from an affordability perspective," said Jason Mercer, TREB's Senior Manager of Market Analysis.
The Number of Sales in Toronto (416) was 1,718 and the rest of GTA (905) was 2,619.
Median Price
In January, the median price was $360,000, from the $350,000 recorded during January of 2010.
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