Toronto Real Estate Board

Toronto Real Estate Board

December 04, 2013 07:00 ET

Greater Toronto REALTORS® Release Monthly Resale Market Figures

TORONTO, ONTARIO--(Marketwired - Dec. 4, 2013) - Greater Toronto Area REALTORS® reported 6,391 residential sales through the TorontoMLS system in November, representing a 13.9 per cent increase over the sales result for November 2012. Over the same period, new listings on TorontoMLS were down by 4.4 per cent and month-end active listings were down by 12.1 per cent.

"Growth in sales was strong for most home types in the Greater Toronto Area. Sales growth was led by the single-detached market segment followed by condominium apartments. Together, singles and condos accounted for almost three-quarters of total GTA transactions," said Toronto Real Estate Board President Dianne Usher.

"With National Housing Day having just passed, housing affordability is top of mind in the GTA and indeed nationally. Despite strong price growth and an uptick in borrowing costs this year, monthly mortgage payments on the average priced home remain affordable for a household earning the average GTA income," continued Ms. Usher.

The average selling price for November 2013 TorontoMLS transactions was $538,881 - up by 11.3 per cent in comparison to the average of $484,208 reported for November 2012. The MLS® Home Price Index (HPI) Composite Benchmark was up by 5.7 per cent over the same period.

"Whether we consider the average TorontoMLS selling price or the MLS® HPI Composite Benchmark, annual home price growth remained well-above the rate of inflation in November. This makes sense given the fact that competition between buyers increased last month. Transactions were up strongly year-over-year while the number of homes available for sale was down," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Summary of TorontoMLS Sales and Average Price November 1 - 30
2013 2012
Sales Average
Price
New
Listings
Sales Average
Price
New
Listings
City of Toronto ("416") 2,528 $ 590,366 3,849 2,234 $ 516,426 4,019
Rest of GTA ("905") 3,863 $ 505,190 5,496 3,379 $ 462,907 5,756
GTA 6,391 $ 538,881 9,345 5,613 $ 484,208 9,775
TorontoMLS Sales & Average Price By Home Type November 1 - 30, 2013
Sales Average Price
416 905 Total 416 905 Total
Detached 913 2,200 3,113 855,188 609,557 681,597
Yr./Yr. % Change 23.9 % 16.3 % 18.5 % 16.0 % 9.7 % 12.3 %
Semi-Detached 267 418 685 640,208 419,318 505,417
Yr./Yr. % Change -1.1 % 9.1 % 4.9 % 9.9 % 7.1 % 7.4 %
Townhouse 249 712 961 472,722 378,569 402,965
Yr./Yr. % Change 4.2 % 10.9 % 9.1 % 6.4 % 8.8 % 7.7 %
Condo Apartment 1,081 434 1,515 385,968 277,389 354,864
Yr./Yr. % Change 12.7 % 14.2 % 13.1 % 10.0 % -0.4 % 7.4 %

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 37,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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