November 2014 Resale Home Sales

Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 6,519 residential transactions through the TorontoMLS system in November 2014. This result was up by 2.6 per cent compared to 6,354 sales reported in November 2013. Through the first 11 months of 2014, total sales amounted to 88,462 - up 6.6 per cent compared to the same period in 2013.

While the trend of year-over-year sales growth continued, the supply of listings remained constrained, with active listings at the end of November down in comparison to last year.

"Even with a constrained supply of homes for sale in many parts of the Greater Toronto Area, buyers continued to get deals done last month. 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," stated Mr. Etherington.

The average selling price for November transactions was up by 7.4 per cent year-over-year to $577,936. The year- to-date average price was up by 8.4 per cent to $567,198. The MLS(R) Home Price Index Composite Benchmark price for November was up by 7.7 per cent compared to a year earlier.

"The robust average price growth experienced throughout 2014 has been fundamentally sound, with demand high relative to supply. 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," said Jason Mercer, TREB's Director of Market Analysis.

Source: TREB

November 2014 2013
2014 Sales Average Price New Listings Sales Average Price New Listings
Sales City of Toronto ("416") 2,661 $616,130 3,823 2518 $590,267 3,826
Rest of GTA ("905") 3,858 $551,592 4,966 3,836 $504,266 5,455
GTA 6,519 $577,936 8,789 6,354 $538,347 9,281


Detached 2014 Sales VYA Average Price VYA
Sales City of Toronto ("416") 904 -0.3% $935,122 9.4%
Rest of GTA ("905") 2164 -0.8% $672,825 10.6%
GTA 3068 -0.6% $750,112 10.2%
Semi-Detached 2014 Sales VYA Average Price VYA
Sales City of Toronto ("416") 261 -2.2% $667,178 4.2%
Rest of GTA ("905") 389 -6.3% $449,429 7.1%
GTA 650 -4.7% $536,864 6.1%  
 
Townhouse 2014 Sales VYA Average Price VYA  
Sales City of Toronto ("416") 271 9.3% $503,349 6.3%  
Rest of GTA ("905") 740 4.5% $410,897 8.6%  
GTA 1,011 5.8% $435,679 8.1%  
 
Condo Apartment 2014 Sales VYA Average Price VYA  
Sales City of Toronto ("416") 1199 11.2% $394,225 2.0%  
Rest of GTA ("905") 468 8.1% $310,220 11.8%  
GTA 1667 10.3% $370,641 4.3%  
 
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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