According to the Toronto Real Estate Board (TREB), there were 6,391 sales through the Multiple Listing Service (MLS) in November. Up by 13.9 percent compared to November 2012.
November saw an average selling price of $538,881 - which is up by more than 11 percent from the average selling price of $484,208 reported in November 2012.
“Growth in sales was strong for most home types in the Greater Toronto Area. Sales growth was led by the single-detached market segment followed by condominium apartments. Together, singles and condos accounted for almost three-quarters of total GTA transactions,” said Toronto Real Estate Board President Dianne Usher.
“With National Housing Day having just passed, housing affordability is top of mind in the GTA and indeed nationally. Despite strong price growth and an uptick in borrowing costs this year, monthly mortgage payments on the average priced home remain affordable for a household earning the average GTA income,” continued Ms. Usher.
The median price in November 2013 was $453,000.
The median price in November 2012 was $410,000.
“Whether we consider the average TorontoMLS selling price or the MLS® HPI Composite Benchmark, annual home price growth remained well-above the rate of inflation in November. This makes sense given the fact that competition between buyers increased last month. Transactions were up strongly year-over-year while the number of homes available for sale was down,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).