The Seller’s market continued during November 2016, as buyers of all home types experienced strong competition in the Greater Toronto Area property market.
According to the Toronto Real Estate Board, Greater Toronto Area REALTORS® reported 8,547 property sales through TREB’s MLS® System in November 2016, an increase of 16.5% compared to the same month one year ago.
On the supply side new listings rose 10.3% in November, while active monthly listings fell 35.8% year-over-year. At $776,684, the average monthly home sale price was 22.7% higher than in November 2015. Meanwhile properties sold faster than they did last November: Average days on market dropped 34.6% year-over-year to 17 days on market, down from 26 in November 2015.
The Difference A Year Makes: Year-Over-Year GTA Sales and Average Price Changes From November 2015 to November 2016
Condominium apartment sales increased 25.8% and the average sale price rose 15.1% to $443,586
Townhouse sales rose 15.2% and the average sale price increased 23.7% to $598,432
Detached home sales increased 13.4% and the average sale price rose 27.6% to $1,058,273
Semi-Detached home sales rose 6.3% and the average sale price increased 19.8% to $720,815
See Infographic, below, for home type sales and average price breakdown by area code.
Call me for more information: (647) 986-0085
Wishing You and Yours a Very Happy Holiday Season!
Helping you to make informed real estate decisions when buying and selling property in Toronto.