Friday, December 6, 2013
TORONTO, December 4, 2013 – Greater Toronto Area REALTORS® reported 6,391
residential sales through the TorontoMLS system in November, representing a 13.9 per
cent increase over the sales result for November 2012. Over the same period, new
listings on TorontoMLS were down by 4.4 per cent and month-end active listings were
down by 12.1 per cent.
“Growth in sales was strong for most home types in the Greater Toronto Area. 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,” said Toronto Real Estate Board President Dianne Usher.
“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,” continued Ms. Usher.
The average selling price for November 2013 TorontoMLS transactions was $538,881 –
up by 11.3 per cent in comparison to the average of $484,208 reported for November
2012. The MLS® Home Price Index (HPI) Composite Benchmark was up by 5.7 per
cent over the same period.
“Whether we consider the average TorontoMLS selling price or the MLS® HPI
Composite Benchmark, annual home price growth remained well-above the rate of
inflation in November. 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,” said Jason Mercer, TREB’s Senior Analysis.