high-rise homes

Toronto home sales climb 16.5 per cent in November

Friday, December 2, 2016

In November 2016, Greater Toronto Area realtors reported 8,547 home sales through the Toronto Real Estate Board (TREB)’s MLS System, which is a 16.5 per cent increase compared to November 2015.

In the GTA, sales were up on a year-over-year basis across all major home types. The strongest annual growth rates were experienced in townhouse and condominium apartment segments.

“Home buying activity remained strong across all market segments in November,” said Larry Cerqua, Toronto Real Estate Board president, in a press release. “However, many would-be home buyers continued to be frustrated by the lack of listings, as annual sales growth once again outstripped growth in new listings. Seller’s market conditions translated into robust rates of price growth.”

The MLS Home Price Index composite benchmark increased 20.3 per cent year-over-year. The average selling price climbed 22.7 per cent year-over-year to $776,684 compared to November 2015.

“Recent policy initiatives seeking to address strong home price growth have focused on demand,” added Jason Mercer, TREB’s director of market analysis. “Going forward, more emphasis needs to be placed on solutions to alleviate the lack of inventory for all home types, especially in the low-rise market segments.”

In January 2017, the TREB plans to release its second annual Market Year in Review & Outlook Report, which will feature a more in-depth discussion on the current state and future direction of the housing market in the Greater Golden Horseshoe. Detailed survey findings by Ipsos will be released, including consumer intentions, buyer profiles and foreign buying activity. The results of a TREB-commissioned study on transportation infrastructure on housing affordability will also be presented.

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