According to the Toronto Real Estate Board, there were 7,385 home sales through the MLS System in November 2015, a 14 per cent increase over November 2014. This result is the best on record for the month of November. In total, there were 96,401 sales from January to November of this year.
“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,” said TREB president Mark McLean in a press release. “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.”
The MLS Home Price Index Composite Benchmark increased 10.3 per cent year-over-year in November. The average selling price for all transactions was up by an annual rate of 9.6 per cent to $632,685.
Annual rates of average price growth for November and across the first 11 months of 2015 were similar, with low-rise home types, including detached and semi-detached houses and townhomes, reporting the strongest rates of increase.
“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 TREB director of market analysis Jason Mercer. “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.”