Real Estate Trends

Monthly Resale Housing Market Figures - November 2016

There were 8,547 home sales reported through Toronto Real Estate Board's MLS system by Greater Toronto Area Realtors during the month of November. This figure represents a 16.5 per cent increase from November 2015. In November 2015, there were 7,337 home sales.

Sales increased on a year-over-year basis for the TREB market area as a whole for all major home types. The strongest annual rates of sales growth was seen for townhouses and condominium units.

Toronto Real Estate Board President Larry Cerqua stated that home buying activity stayed strong for all market segments last month. He also mentioned that annual sales growth exceeded growth in new listings which left many potential home buyers frustrated by the lack of listings once again. Seller's market conditions influenced rates of price growth for homes.

The average selling price of all home types in November was $776,684. This number represents a 22.7 per cent increase from November 2015. In November 2015, the average selling price was $623,774. The MLS Home Price Index (HPI) Composite Benchmark price increased last month by 20.3 per cent in comparison to an year ago.

TREB's Director of Market Analysis, Jason Mercer stated that more emphasis needs to be put on the lack of listings available for all home types particularly in the low-rise market segments. He also said that recent policy initiatives to address strong home price growth focused on demand more.

Reference:

Toronto Real Estate Board

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