November was off to a strong start according to new numbers released by the Toronto Real Estata Board (TREB). In the first two weeks of the month, the GTA saw double-digit increases in both year-over-year sales and home prices.
For the first half of November, the GTA saw 3,131 residential transactions, up 21 per cent from the same time last year. The average price for a GTA home spiked 11 per cent compared to the first two weeks of November in 2012, moving to a new average of $538,708 (Tweet this).
If you had any doubts about demand for housing in the city, new listings were down by more than four per cent, with both Toronto and the 905 regions seeing listings drop.
“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,” said TREB President Dianne Usher in the news release.
While competition for the city’s shrinking low-rise stock has been pushing up prices for months, every property type is feeling the effects of increased demand.
“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.
Condos in the 416 lead price growth in the entire region, with prices climbing by 14.1 per cent from 2012 to a new average price of $395,865 (Tweet this stat). Detached houses in Toronto-proper followed with an 11.5 per cent jump to a new average price of $845,883. Semi-detached homes in the 416 came in third, rising by 10.9 per cent to $662,447 from the first half of November in 2012.
For more details, check out the table below…