"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 average selling price for November 2013 TorontoMLS transactions was $538,881 – up by 11.3 per cent in comparison to the average of $484,208 reported for November 2012. The MLS® Home Price Index (HPI) Composite Benchmark was up by 5.7 per cent over the same period.
"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.
|Sales||Average Price||New Listings||Sales||Average Price||New Listings|
|City of Toronto ("416")||2,528||$590,366||3,849||2,234||$516,426||4,019|
|Rest of GTA ("905")||3,863||$505,190||5,496||3,379||$462,907||5,756|
|TorontoMLS Sales & Average Price By Home Type November 1 - 30, 2013|
|Yr./Yr. % Change||23.9%||16.3%||18.5%||16.0%||9.7%||12.3%|
|Yr./Yr. % Change||-1.1%||9.1%||4.9%||9.9%||7.1%||7.4%|
|Yr./Yr. % Change||4.2%||10.9%||9.1%||6.4%||8.8%||7.7%|
|Yr./Yr. % Change||12.7%||14.2%||13.1%||10.0%||-0.4%||7.4%|
Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 37,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board.
Mary Gallagher, Senior Manger Public Affairs
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