According to the Toronto Real Estate Board (TREB), there were 7,385 sales through the Multiple Listing Service (MLS) in November. Up by 14.0 per cent compared to November 2014.
November saw an average selling price of $632,685 - which is up by 9.6 per cent from the average selling price of $577,502 reported in November 2014.
“Not only did we see a record sales result for November, but with one month left to go in 2015, we have already set a new calendar year record for home sales in the TREB market area, eclipsing the previous record set in 2007. Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding regions. This suggests that the demand for ownership housing is widespread, from first-time buyers to long-time homeowners across the GTA,” said Mark McLean, President of the Toronto Real Estate Board.
The median price in November 2015 was $528,000.
The median price in November 2014 was $477,000.
“Demand for ownership housing has remained strong in the GTA throughout 2015, with sales generally increasing at a greater annual rate compared to new listings. This means that competition between buyers has strengthened in many neighbourhoods in the City of Toronto and surrounding regions. The end result has been upward pressure on home prices well above the rate of inflation in most cases,” said Jason Mercer, TREB’s Director of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).