Real Estate sales up the highest amount in last 2 years.
Home sales in Toronto had a major increase in November and also saw home prices take
their fastest spike since 2017.
Home sales in November rose 14.2 per cent from a just over a year ago, with 7,090 homes sold within the month. The Toronto Real Estate Board stated that strong growth in population as well as declining mortgage rates were the two largest factors that have helped with the increase sales. An overall lack of real estate sales supply in the housing market has also helped increase home prices. Real Estate listings for the GTA were down by 17.9 per cent.
While the overall level of transactions still remain well below the craziness of the 2016 real estate market, prices have basically fully recouped their declines. As a result real estate sales professionals are quick to point out that these home values could continue rising given the vast differences between demand and supply. Active listings fell 27 per cent in November from a year earlier, according to TREB.
The Condo market has been recording the biggest increases over the past year, with prices up just under 10%, versus about 5% increases for single-family detached homes. The average price of a detached home in the GTA last month was just over $1million, versus $617,658 for condominiums. The average price of a home in the suburbs rose 7% from a year earlier to $843,637 in November. That’s just below the high of $921,000 set in April 2017.
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