GTA housing sales have already set a calendar year record – even though December results are still to come.
According to the Toronto Real Estate Board (TREB), November results pushed past the previous annual sales record set in 2007: “Not only did we see a record sales result for November,” says TREB president Mark McLean, “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…”
November sales jumped by 14% to 7,385, posting double digit increases in every sales type and every area, with the exception of detached homes in 416 (which increased by only 0.7% over November 2014). In contrast, sales of 905 detached homes grew by 18.5% over the same period last year to reach 2,550.
The average selling price in November 2015 totalled $632,685, up 9.6% from $577,502 reported in November, 2014.
Prices for all housing types, with the exception of condos, rose by double digits; the overall price of condo units increased by 4.1%, compared to an 10.7% overall increase in the price of detached houses. Detached home prices in 416 continue to push past the one-million mark, now averaging $1,018,621, up 8.8%.
New listings increased by 10.2% in November, but shortages in low-rise housing types are still affecting the market. That leaves room to make a great 2015 even greater.
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