According to the latest from the Toronto Real Estate Board, home sales in November 2014 increased by 2.6 per cent compared to the same month last year for a total of 6,354 sales.
“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,” said the president of the Toronto Real Estate Association, Paul Etherington. “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.”
The average selling price of a home in Toronto increased by 7.4 per cent year-over-year in November, to $577,936.
“The robust average price growth experienced throughout 2014 has been fundamentally sound, with demand high relative to supply,” said Jason Mercer, the Toronto Real Estate Board’s Director of Market Analysis. “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.”