It’s official! This November, housing prices have simply soared in Toronto. As of now, sales are up by 16.5%.
This is great news for homeowners, as they continue to build a healthy home equity in 2016. The average sale price for all home types increased $143,910 compared to November of last year. Greater Toronto Area Realtors also informed 8,547 home sales through the Toronto Real Estate Board’s MLS System in November this year. The MLS home price composite benchmark was also up an astonishing 20.3%. The average selling price is at $776,684. Sales were up on a year over year basis for all main home types, with home buying activity lasting remarkably strong for this time of the year.
However, many future home buyers continued to be upset by the absence of listings, as annual sales growth once again outshined in new listings. Larry Cerqua, the president of the Toronto Real Estate Board, indicated that seller’s market conditions translated into robust rates of price growth. Although listings are apparently selling faster by 34.6% than last year, and averaging only 17 days on the market, there were nevertheless 4,815 fewer homes for sale. Translated into percentage, there are overall 35.8% fewer homes on the market. Let’s see how the market does in December!