November 2013 Resale Home Sales

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.

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    2013     2012  
  Sales Average Price New Listings Sales Average Price New Listings
Sales City of Toronto ("416") 2,528 $590,366 3,849 2234 $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
             
             
Detached 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 913 23.9%   $855,188 16.0%  
Rest of GTA ("905") 2200 16.3%   $609,557 9.7%  
GTA 3113 18.5%   $681,597 12.3%  
             
Semi-Detached 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 267 -1.1%   $640,208 9.9%  
Rest of GTA ("905") 418 9.1%   $419,318 7.1%  
GTA 685 4.9%   $505,417 7.4%  
             
Townhouse 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 249 4.2%   $472,722 6.4%  
Rest of GTA ("905") 712 10.9%   $378,569 8.8%  
GTA 961 9.1%   $402,965 7.7%  
             
Condo Apartment 2013 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1081 12.7%   $385,968 10.0%  
Rest of GTA ("905") 434 14.2%   $277,389 -0.4%  
GTA 1515 13.1%   $354,864 7.4%  
             
Source: Market Watch Monthly News Release      

 

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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