Photo: Johnny Peacock/Flickr
Competition fired up GTA home sales and prices in November according to the new numbers released by the Toronto Real Estate Board. Last month saw 6,391 residential sales, a 13.9 per cent increase from November 2012. During that same period, new listings on MLS were down by 4.4 per cent and month-end active listings were down by 12.1 per cent.
Price growth was astonishingly high as well with an 11.3 per cent leap from last year, bringing the average selling price for a home in the GTA to $538,881 (Tweet this).
“Sales growth was led by the single-detached market segment followed by condominium apartments. Together, singles and condos accounted for almost three-quarters of total GTA transactions,” said Toronto Real Estate Board President Dianne Usher in the news release. The MLS Home Price Index (HPI) Composite Benchmark was up by 5.7 per cent over the same time as well.
Here’s how the numbers break down:
Biggest price gainers
- Price tags for detached houses in the 416 rose by 16 per cent to a new average of $855,188.
- Condos in the 416 followed, seeing a 10 per cent rise in price to $385,968.
- Prices for semi-detaches homes in Toronto-proper rose 9.9 per cent to $640,208.
Biggest sales increases
- Detached houses in the 416 also led sales growth, registering a 23.9 per cent boost in transaction activity.
- Detached houses in the 905 followed with a 16.3 per cent jump in sales.
- Condos in the 905 saw a 14.2 per cent rise in sales.
For more details check out the table below…