North York by Ashton Pal
It wasn’t surprising to find that November was another record sales month this year. Moreover, with one month left to go this year, we have already set a new calendar year record for home sales, which exceeded the previous record from 2007. Greater Toronto Area REALTORS® recorded 7,385 home sales through TREB's MLS® System in November 2015, and the number of transactions recorded through the first 11 months of this year reached 96,401.
"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 Toronto Real Estate Board President Mark McLean.
Sales activity for the City of Toronto (the 416 area) was not as significant as in the whole GTA, however the growth was still pretty strong. With 2,863 transactions recorded last month, the year-over-year sales growth reached 7.59 per cent. Zooming in further, the Toronto Central remains the most attractive area in the city with the highest number of sales.
"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,"
said Jason Mercer, TREB's Director of Market Analysis.
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,"
The MLS® Home Price Index (HPI) Composite Benchmark was up by 10.3 per cent year over year in November. The average selling price in the GTA for all home types was up by 9.6 per cent annually, reaching $632,685. Annual rates of average price growth for the past 11 months were similar, with the most significant growth being reported for low-rise home types. Detached and semi-detached houses and townhouses thus remain attractive for most buyers in Toronto.