Photo: ALLEN QIAO/Flickr
The average sale price for a home in the GTA increased 7.4 per cent, year-over-year, to $577,936 in November, according to new data released today by the Toronto Real Estate Board (TREB). The rise was in keeping with the year-to-date average sale price, which has risen 8.4 per cent from 2013 to $567,198.
Sales growth for existing GTA homes last month was modest compared to the surge seen in October, rising 2.6 per cent above the levels recorded in November 2013. But demand remained high as new listings and active listings dropped 5.3 per cent and 8.5 per cent, respectively.
And the board doesn’t expect rising resale prices to slow anytime soon.
“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.
Here’s a closer look at which market segments saw the most growth last month:
Biggest sales increases
- Transactions for condos in the 416 rose 11.2 per cent over last year.
- Townhouses in Toronto-proper followed with a 9.3 per cent bump.
- Condos in the 905 also saw a substantial sales increase, rising by 8.1 per cent.
Biggest price increases
- The average price for a 905 condo was $310,220 in November, up 11.8 per cent from 2013.
- On the other side of the spectrum, detached houses in the 905 also recorded a big jump, increasing by 10.6 per cent to $672,825.
- Detached houses in the 416, the priciest property type, rose to $935,122, a 9.4 per cent increase.
- The MLS Home Price Index Composite Benchmark price for November also saw a year-over-year increase, jumping up 7.7 per cent.