The Toronto area set a new calendar year record for home sales, even before December arrived!
Here's the latest real estate press release from the Toronto Real Estate Board for November 2015:
December 3, 2015 -- Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 7,385 home sales through TREB's MLS® System in November 2015 – up by 14 per cent compared to November 2014. This result also represented the best result on record for the month of November. Sales through the first eleven months of 2015 amounted to 96,401.
"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. 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," said Mr. McLean.
The MLS® Home Price Index (HPI) Composite Benchmark was up by 10.3 per cent year over year in November. The average selling price for all transactions was also up by a similar annual rate of 9.6 per cent to $632,685. Annual rates of average price growth for November and the first eleven months of 2015 were similar, with the strongest rates of increase being reported for low-rise home types, including detached and semi-detached houses and townhouses.
"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," said Jason Mercer, TREB's Director of Market Analysis.
Here are more stats from TREB.
At urbaneer.com we’re here to help, all without pressure or hassle. We simply love what we do. With a multi-disciplinary education in housing, sound knowledge of the mechanics of real estate and a sharp skill set in evaluating properties for over two decades, we’re here to guide you through all the factors which play into Toronto's real estate market.
~ Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage - (416) 322-8000
Like what you've read? Consider signing up in the box below to receive our FREE monthly newsletter on housing, culture and design, including our love for unique urban homes and other Toronto real estate.
Have you seen Steven's newest site Houseporn.ca? It's his student mentorship site on Canadian architecture, landscape, design, products and real estate!
Hero image courtesy of The Incredible Flying Houses Of Laurent Chehere