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Toronto real estate competition heats up in November.


November saw home prices increase and competition stiffen, according to the latest market report released by the Toronto Real Estate Board (TREB).

The average sale price last month was $788,345. That represents an increase of 3.5% compared with November 2017. Looking at year-over-year figures, semi-detached homes and condo apartments have helped spur price increases; in Toronto, average prices in these categories were up by 8.3% and 7.5% respectively when compared with November 2017.

Citing the impact of the mortgage stress test, Jason Mercer, TREB’s director of market analysis, says “home types with lower average price points have been associated with stronger rates of price growth over the past few months.”

Sales numbers didn’t see the same growth in November. Greater Toronto Area real estate agents reported 6,251 residential transactions last month. This number is 3.4% less than October’s figures and 14.7% less than what was reported in November 2017.

TREB points out that there was a “temporary upward shift in demand” at this time last year, also caused by the mortgage stress test, which at that time was two months away from coming into effect.

On a year-over-year basis, new listings were down by 26.1%. According to Garry Bhaura, TREB president, “this suggests that, in many neighbourhoods, competition between buyers may have increased. Relatively tight market conditions over the past few months have provided the foundation for renewed price growth.”

Condos continue to boost GTA prices.


For yet another month, the condo market in the Greater Toronto Area was the muscle behind sales price growth in November.

According to the latest market report from the Toronto Real Estate Board (TREB), the average sales price in November was $788,345, marking an increase of 3.5% compared with November 2017. The average price of condo apartments was up by 7.5% year-over-year. Along with condos, semi-detached homes also helped spur year-over-year growth; the average price in this segment was up by 8.3% compared with last November.

“Home types with lower average price points have been associated with stronger rates of price growth over the past few months,” says Jason Mercer, TREB’s director of market analysis. “Given the impact of the OSFI-mandated mortgage stress test and higher borrowing costs on affordability, it makes sense that the condo apartment and semi-detached market segments experienced relatively stronger rates of price growth in November.”

The number of condo sales reported by Greater Toronto Area real estate agents in November was down (by 14%, year-over-year), as were sales in all categories. There were 6,251 total residential transactions reported through the MLS last month.

This number is 3.4% less than October’s figures and 14.7% less than what was reported in November 2017. TREB points out that there was a “temporary upward shift in demand” at this time last year, caused by the looming mortgage stress test.

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