Toronto Condos

Early November sales up over last year: TREB

Wednesday, November 19, 2014

In the first 14 days of November, a total of 3,350 residential real estate sales were reported through the Toronto MLS system, according to the Toronto Real Estate Board (TREB). This represents an 8.3 per cent increase over the same period in 2013. Listings were also up, year-over-year, by 2.2 per cent.

“Both first-time buyers and existing homeowners who decided to change their housing situation continued to make deals on ownership housing across the GTA in the first half of November,” says Paul Etherington, TREB president. “This points to the fact that home ownership remains affordable and that buyers remain confident in ownership housing as a quality long-term investment.”

When compared with the same time frame in 2013, selling prices were also up during the first two weeks of November by 7.6 per cent, to an average of $579,834, making ideal conditions for a seller’s market.

“Sellers’ market conditions continued to be experienced for low-rise home types during the first 14 days of November,” says Jason Mercer, Director of Market Analysis at TREB. “In many neighbourhoods across the GTA, there are a number of buyers competing for a constrained supply of singles, semis and townhouses. This is why, more often than not, annual average rates of price growth for these home types have been in the high single digits or low double digits this year.”

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