Market Report: November Mid-Month Resale Housing Market Figures

The resale market figures, from the Toronto Real Estate Board, for the first two weeks of the month are in.  The GTA saw a 13% increase in the number of transactions completed, a 16% increase in new listings, and a 10% increase in average selling price during this period compared to the same time last year.  Check out the report below.

GTA REALTORS® Report Mid-Month Resale Housing Market Figures

 TORONTO, November 16, 2011 – Greater Toronto REALTORS® reported 3,379 transactions through the TorontoMLS® during the first two weeks of November.  This result represented more than a 13 per cent increase compared to November 2010.  New listings were up 16 per cent over the same period.

 “The results for the first two weeks of November point to two important facts:  First, despite global economic uncertainty, buyers have remained confident in the affordable housing market in the GTA.  Second, stronger growth in new listings means that it is becoming easier for buyers to find a home that meets their needs,” said Toronto Real Estate Board President Richard Silver.

 The average selling price through the first 14 days of November was $481,548 – up by 10 per cent compared to the average of $437,510 reported for the first two weeks of November 2010.

“Little or no movement is expected for mortgage rates through 2012.  Low rates coupled with the consensus outlook for continued economic growth next year suggests that homes will remain affordable in the GTA and households will remain confident in doing deals.  Look for the average selling price to advance to the $485,000 mark next year,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis