GTA REALTORS® Release November Housing Market Figures:reported 6,519 residential transactions

The average selling price for November transactions was up by 7.4 per cent year-over-year to $577,936


Toronto Real Estate Board announced that Greater Toronto REALTORS® reported 6,519 residential transactions through the TorontoMLS system in November 2014. This result was up by 2.6 per cent compared to 6,354 sales reported in November 2013. Through the first 11 months of 2014, total sales amounted to 88,462 - up 6.6 per cent compared to the same period in 2013.

While the trend of year-over-year sales growth continued, the supply of listings remained constrained, with active listings at the end of November down in comparison to last year.

"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," stated Mr. Etherington.

The average selling price for November transactions was up by 7.4 per cent year-over-year to $577,936. The year-to-date average price was up by 8.4 per cent to $567,198. The MLS(R) Home Price Index Composite Benchmark price for November was up by 7.7 per cent compared to a year earlier.

"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.
Summary of TorontoMLS Sales and Average Price November 1 - 30
2014
2013
Sales
Average Price
New Listings
Sales
Average Price
New Listings
City of Toronto ("416")
2,661
$616,130
3,823
2,518
$590,267
3,826
Rest of GTA ("905")
3,858
$551,592
4,966
3,836
$504,266
5,455
GTA
6,519
$577,936
8,789
6,354
$538,347
9,281

TorontoMLS Sales & Average Price  By Home Type November 1 - 30, 2014
Sales
Average Price
416
905
Total
416
905
Total
Detached
904
2,164
3,068
935,122
672,825
750,112
Yr./Yr. % Change
-0.3%
-0.8%
-0.6%
9.4%
10.6%
10.2%
Semi-Detached
261
389
650
667,178
449,429
536,864
Yr./Yr. % Change
-2.2%
-6.3%
-4.7%
4.2%
7.1%
6.1%
Townhouse
271
740
1,011
503,349
410,897
435,679
Yr./Yr. % Change
9.3%
4.5%
5.8%
6.3%
8.6%
8.1%
Condo Apartment
1,199
468
1,667
394,225
310,220
370,641
Yr./Yr. % Change
11.2%
8.1%
10.3%
2.0%
11.8%
4.3%

ALSO ON REAL ESTATE SNATCH:


The Market According to TREB's Mercer - Quarterly October 2014


Jason Mercer - Director, Market Analysis, discusses the Market for the Quarterly of October 2014


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