In the wake of its best November ever, the GTA housing market set a new annual sales record – eclipsing the previous record set in 2007 by 3.4 per cent with a full month’s worth of fervent real estate activity still to spare.
A total of 7,388 homes changed hands last month according to the Toronto Real Estate Board; a marked 14.4 per cent increase from last year that inches the industry ever closer to the, as of yet, elusive goal of hitting 100,000 home sales in a calendar year.
Currently, total year-to-date sales for the region sits at 96,401. Even if December’s sales figures experiences an abrupt 19 per cent dip next month, that 100,000 milestone will still be achieved, leaving industry insiders to acknowledge that record is a shoe in.
“Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding regions,” said TREB President Mark McLean.
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Prices also saw a significant 9.6 per cent boost in November over last year, with the average price of houses and condos combined up to $632,685.
The greatest price growth was experienced in the free-hold market. Detached homes in the 416 saw an 8.8 per cent jump to an average sold price of $1,018,621. When looking at the detached market in the suburban GTA, average prices saw a double-digit 13.5 per cent jump to $762,326.
On the condo front, the sales price of a high-rise apartment in the City of Toronto for November hit an average of $415,316 – a 5.4 per cent year-over-year jump.
2015 has been a year of milestone achievements for Toronto real estate, when the average price of detached homes in the city shot past a million dollars and the benchmark for condominiums broke above $400,000.
Top facts from the TREB Market Watch Report for November 2015
- Average Condo Price:
- City of Toronto: $415,316 – up 5.4%
- Overall GTA: $385,506 – up 4.1%
- Average Detached Home Price:
- City of Toronto: $1,018,621 – up 8.8%
- Overall GTA: $829,241 – up 10.7%
- Average Semi – Detached Home Price:
- City of Toronto: $750,608 – up 12.4%
- Overall GTA: $600,435 – up 11.8%
- Average Townhouse Price:
- City of Toronto: $549,649 – up 9.1%
- Overall GTA: $483,454– up 10.9%
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