Toronto Real Estate Market Watch – November
With inventory down nearly 36% from last year, it’s no surprise that the average home price jumped 22.7% in the GTA. It continues to be a frustrating market for buyers and the stalemate continues…many sellers are afraid to list until the find their next home. For our team, we get creative with finding our clients homes to deal with this market challenge. That includes sharing with you what they are looking for in case you find your perfect matching buyer!
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Tight Market Conditions in November
TORONTO, December 2, 2016 – Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 8,547 home sales through TREB’s MLS® System in November 2016. This result represented a 16.5 per cent increase compared to November 2015.
For the TREB market area as a whole, sales were up on a year-over-year basis for all major home types. The strongest annual rates of sales growth were experienced for the townhouse and condominium apartment segments.
“Home buying activity remained strong across all market segments in November. 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,” said Mr. Cerqua.
The MLS® Home Price Index (HPI) Composite Benchmark was up by 20.3 per cent compared to November 2015. The average selling price at $776,684 was up
by 22.7 per cent on a year-over-year basis.
“Recent policy initiatives seeking to address strong home price growth have focused on demand. 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,” said Jason Mercer, TREB’s Director of Market Analysis.