According to the Toronto Real Estate Board (TREB), there were 6,519 sales through the Multiple Listing Service (MLS) in November. Up by 2.6 per cent compared to November 2013.
November saw an average selling price of $577,936 - which is up by 7.4 per cent from the average selling price of $538,347 reported in November 2013.
“Even with a constrained supply of homes for sale in many parts of the Greater Toronto Area, buyers continued to get deals done last month. Households remain upbeat about home ownership because monthly mortgage payments remain affordable relative to accepted lending standards. This is coupled with the fact that housing has proven to be a quality long-term investment,” said said Mr. Paul Etherington, President, Toronto Real Estate Board.
The median price in November 2014 was $477,000.
The median price in November 2013 was $453,000.
“The robust average price growth experienced throughout 2014 has been fundamentally sound, with demand high relative to supply. Strong competition between buyers has exerted upward pressure on selling prices. Barring a substantial shift in the relationship between sales and listings in the GTA, price growth is expected to continue through 2015," said Jason Mercer, TREB's Director of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).