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Sales & Price Growth Continue in November
TORONTO, December 4, 2014 – Toronto Real Estate Board President Paul Etherington
announced that Greater Toronto REALTORS® reported 6,519 residential transactions
through the TorontoMLS system in November 2014. This result was up by 2.6 per cent
compared to 6,354 sales reported in November 2013. Through the first 11 months of 2014,
total sales amounted to 88,462 - up 6.6 per cent compared to the same period in 2013.
While the trend of year-over-year sales growth continued, the supply of listings remained
constrained, with active listings at the end of November down in comparison to last year.
"Even with a constrained supply of homes for sale in many parts of the Greater Toronto
Area, buyers continued to get deals done last month. Households remain upbeat about
home ownership because monthly mortgage payments remain affordable relative to
accepted lending standards. This is coupled with the fact that housing has proven to be a
quality long-term investment," stated Mr. Etherington.
The average selling price for November transactions was up by 7.4 per cent year-over-year
to $577,936. The year-to-date average price was up by 8.4 per cent to $567,198. The
MLS(R) Home Price Index Composite Benchmark price for November was up by 7.7 per cent
compared to a year earlier.
"The robust average price growth experienced throughout 2014 has been fundamentally
sound, with demand high relative to supply. Strong competition between buyers has
exerted upward pressure on selling prices. Barring a substantial shift in the relationship
between sales and listings in the GTA, price growth is expected to continue through 2015,"
said Jason Mercer, TREB's Director of Market Analysis.
King City real estate, Kleinburg real estate, Vaughan real estate, and Richmond Hill real estate is in high demand. Interest Rates are still low, and there are a shortage of listings in some areas. If you were on the market previously, and didn't sell, try it now. Please take a look at the local market information statistics under the “Helpful Information” tab at the top of your screen and then click Local Market Information.
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