According to the Toronto Real Estate Board, there were 3,350 home sales in Toronto in the first two weeks of November 2014, which is an increase of 8.3 per cent over the same time year. In addition, new listings also increased at this time but by only 2.2 per cent.
“Both first-time buyers and existing homeowners who decided to change their housing situation continued to make deals on ownership housing across the GTA in the first half of November,” said Toronto Real Estate Board Paul Etherington. “This points to the fact that home ownership remains affordable and that buyers remain confident in ownership housing as a quality long-term investment.”
The average selling price for homes during the first two weeks of November was up by 7.6 per cent to $579,834.
“Sellers’ market conditions continued to be experienced for low-rise home types during the first 14 days of November,” said the Director of Market Analysis for the Toronto Real Estate Board, Jason Mercer. “In many neighbourhoods across the GTA, there are a number of buyers competing for a constrained supply of singles, semis and townhouses. This is why, more often than not, annual average rates of price growth for these home types have been in the high single digits or low double digits this year.”