TORONTO, December 4, 2014 - Toronto Real Estate Board
President Paul Etherington announced that Greater Toronto REALTORS® reported 6,519 residential transactions
through the TorontoMLS system in November 2014. This result was up by 2.6 per cent compared to 6,354 sales
reported in November 2013. Through the first 11 months of 2014, total sales amounted to 88,462 - up 6.6 per cent
compared to the same period in 2013.
While the trend of year-over-year sales growth continued,
the supply of listings remained constrained, with active listings at the end of November down in comparison to last
year.
"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. 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," stated Mr.
Etherington.
The average selling price for November transactions was up
by 7.4 per cent year-over-year to $577,936. The yearto-date average price was up by 8.4 per cent to $567,198. The MLS(R)
Home Price Index Composite Benchmark price for November was up by 7.7 per cent compared to a year
earlier.
"The robust average price growth experienced throughout
2014 has been fundamentally sound, with demand high relative to supply. 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," said Jason Mercer, TREB's Director of
Market Analysis
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