Greater Toronto REALTORS® reported 4,337 transactions through the TorontoMLS® system in January 2011. This result was 13 per cent lower than the record result reported in January 2010.
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.
In January, the median price was $360,000, from the $350,000 recorded during January of 2010.
Canada Mortgage and Housing Corp. (CMHC) says condos now account for a quarter of all new residential construction.
Luxury condos – priced at more than $1 million in Toronto – are up by 49 per cent year-over-year, reports Re/Max. Condos priced at more than $750,000 in Ottawa have seen sales increase by about 72 per cent compared to last year.
CMHC says that Canadians are not giving up on homeownership until after they reach the age of 75. With owners of all ages choosing the condominium lifestyle, expect to see a lot more of those building cranes in urban areas during the next several decades.
If you have any questions about Toronto real estate, call Alexandre Malkhassiants, Sales Representative and Mortgage Specialist. Right at Home Realty Inc., Real Estate Brokerage. Office: (416) 391-3232. Cell: (416) 723-9383. E-mail: amalkhass@rogers.comWebsite: Toronto real estateWebsite: Ontario real estateBlog: Lowest Canada mortgage rates
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