The Great Toronto Realtors have just released the latest sales report. Last month, 6,519 transactions were reported through the TorontoMLS system, which is up 2.6 per cent from 6,354 in November 2013. On the other hand, the number of active listings on the market last month stood at 14,717, down 8.5 per cent from 16,092 the same time last year. This in part helped to drive up the average selling price, which was $577,937, representing a 7.4 per cent year-over-year increase from $538,347.
Speaking to these numbers, President of the Toronto Real Estate Board Paul Etherington said, “Households remain upbeat about home ownership because monthly mortgage payments remain affordable relative to accepted lending standards. This is coupled with the fact that housing has proven to be a quality long-term investment.”
“The robust average price growth experienced throughout 2014 has been fundamentally sound, with demand high relative to supply,” added Jason Mercer, the Director of Market Analysis of TREB. “Strong competition between buyers has exerted upward pressure on selling prices. Barring a substantial shift in the relationship between sales and listings in the GTA, price growth is expected to continue through 2015.”
So whether you are looking to buy, sell or lease your home, now is the time to speak to a Century 21 King’s Quay representative for experienced advice and professional service on your real estate needs.