The Toronto Real Estate Board reported 3,131 residential transactions through the TorontoMLS system during the first two weeks of November 2013. This result represented a 21% year-over-year increase compared to 2,582 sales reported during the same timeframe in 2012. Over the same period, new listings were down by more than 4%.
“The results for mid-November indicate that GTA households remain comfortable with the costs of home ownership,” said Toronto Real Estate Board President Dianne Usher. “If not for the persistent shortage of listings for most home types, we would likely be experiencing an even higher level of sales as more buyers would be able to make a deal on a home meeting their needs.”
The average selling price for November 2013 mid-month transactions was $538,708, representing an 11% increase compared to $485,988 in 2012.
“More buyers competing for a smaller number of listings has translated into an accelerating pace of price growth. This theme has been most prevalent in the low-rise market segment, including single-detached and semi-detached houses and townhomes. However, it is important to note that the condominium apartment market has also become tighter,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“Toronto’s Condo Authority”