Greater Toronto Area home sales in November were the best result on record for the month of November according to the Toronto Real Estate Board. There were 7,385 homes sold during the month, which was an increase of 14 per cent compared to last year.
“Not only did we see a record sales result for November, but with one month left to go in 2015, we have already set a new calendar year record for home sales in the TREB market area, eclipsing the previous record set in 2007,” said Mark McLean, president of the Toronto Real Estate Board. “Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding regions. This suggests that the demand for ownership housing is widespread, from first-time buyers to long-time homeowners across the GTA.”
The average selling price for a home in Toronto during November was $632,685, which is an increase of 9.6 per cent year-over-year.
Jason Mercer, the Toronto Real Estate Board’s Director of Market Analysis, said that, “Demand for ownership housing has remained strong in the GTA throughout 2015, with sales generally increasing at a greater annual rate compared to new listings. This means that competition between buyers has strengthened in many neighbourhoods in the City of Toronto and surrounding regions. The end result has been upward pressure on home prices well above the rate of inflation in most cases.”