The Toronto Real Estate Board (TREB) have released their monthly report for November 2015. The report shows another month of impressive numbers with both number of sales and average selling price up. Check out the report below.
TREB RELEASE MONTHLY RESALE HOUSING FIGURES
BEST RESULT ON RECORD FOR THE MONTH OF NOVEMBER
TORONTO, December 3, 2015 — Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 7,385 home sales through TREB’s MLS® System in November 2015 – up by 14 per cent compared to November 2014. This result also represented the best result on record for the month of November. Sales through the first eleven months of 2015 amounted to 96,401.
“Not only did we see a record sales result for November, but with one month left to go in 2015, we have already set a new calendar year record for home sales in the TREB market area, eclipsing the previous record set in 2007. Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding regions. This suggests that the demand for ownership housing is widespread, from first-time buyers to long-time homeowners across the GTA,” said Mr. McLean.
The MLS® Home Price Index (HPI) Composite Benchmark was up by 10.3 per cent year over year in November. The average selling price for all transactions was also up by a similar annual rate of 9.6 per cent to $632,685. Annual rates of average price growth for November and the first eleven months of 2015 were similar, with the strongest rates of increase being reported for low-rise home types, including detached and semi-detached houses and townhouses.
“Demand for ownership housing has remained strong in the GTA throughout 2015, with sales generally increasing at a greater annual rate compared to new listings. This means that competition between buyers has strengthened in many neighbourhoods in the City of Toronto and surrounding regions. The end result has been upward pressure on home prices well above the rate of inflation in most cases,” said Jason Mercer, TREB’s Director of Market Analysis.
| Summary of TorontoMLS Sales and Average Price November 1 – 30, 2015 | ||||||
| 2015 | 2014 | |||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
| City of Toronto (“416”) | 2,863 | 654,221 | 4,123 | 2,641 | 616,241 | 3,790 |
| Rest of GTA (“905”) | 4,522 | 619,050 | 5,486 | 3,835 | 550,825 | 4,926 |
| GTA | 7,385 | 632,685 | 9,609 | 6,476 | 577,502 | 8,716 |
| TorontoMLS Sales & Average Price By Home Type November 1 – 30, 2015 | ||||||
| Sales | Average Price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached | 901 | 2,550 | 3,451 | 1,018,621 | 762,326 | 829,241 |
| Yr./Yr. % Change | 0.7% | 18.5% | 13.3% | 8.8% | 13.5% | 10.7% |
| Semi-Detached | 297 | 467 | 764 | 750,608 | 504,928 | 600,435 |
| Yr./Yr. % Change | 14.2% | 21.0% | 18.3% | 12.4% | 12.5% | 11.8% |
| Townhouse | 298 | 851 | 1,149 | 549,649 | 460,274 | 483,454 |
| Yr./Yr. % Change | 11.2% | 15.8% | 14.6% | 9.1% | 12.0% | 10.9% |
| Condo Apartment | 1,351 | 573 | 1,924 | 415,316 | 315,223 | 385,506 |
| Yr./Yr. % Change | 13.3% | 22.7% | 16.0% | 5.4% | 1.5% | 4.1% |
| November 2015 Year-Over-Year Per Cent Change in the MLS® HPI | |||||
| Composite (All Types) | Single-Family Detached | Single-Family Attached | Townhouse | Apartment | |
| TREB Total | 10.29% | 11.56% | 11.18% | 10.79% | 5.56% |
| Halton Region | 10.46% | 10.48% | 10.41% | 11.82% | – |
| Peel Region | 9.70% | 9.70% | 10.35% | 11.22% | 6.66% |
| City of Toronto | 8.03% | 9.92% | 8.68% | 9.51% | 5.39% |
| York Region | 14.50% | 15.23% | 14.99% | 13.89% | 5.75% |
| Durham Region | 12.56% | 12.33% | 14.12% | 9.41% | 5.54% |
| Orangeville | 12.86% | 13.29% | 11.95% | – | – |
| South Simcoe County1 | 12.58% | 11.75% | 12.94% | – | – |
Click here to view the full market report on TREB’s website.