According to the latest monthly resale market figures from the Toronto Real Estate Board, home sales in November through the TorontoMLS listings increased by 13.9 per cent over the same time last year, to a total of 6,391 reported sales. New listings were down by 4.4 per cent.
“Growth in sales was strong for most home types in the Greater Toronto Area,” said the president of the Toronto Real Estate Board, Dianne Usher. “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.”
She continued, “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.”
The average selling price for a home in Toronto during November 2013 was $538,881, an increase of 11.3 per cent in comparison to November last year, where the average selling price was $484,208.
“Whether we consider the average TorontoMLS selling price of the MLS HPU Composite Benchmark, annual home price growth remained well-above the rate of inflation in November,” said Jason Mercer, the Toronto Real Estate Board’s senior manager of market analysis. “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.”