True to the pattern we’ve been seeing over the past few months, both sales and average price per home climbed up for GTA last month. 7,385 high-rise condos and homes got themselves a new owner (a rise of 14% compared to last year), and average sale price went up to a whopping $632,685 – that’s a 9.6% rise compared to figures from November last year! Is this not making you curious as to what the final figures will be by the end of the year, being that there’s still almost a full month to go before 2015 halts to a close?
Surging November Sales
November brought in a 14.6% increase in townhouse sales, bringing average prices up for both the city and the 901 regions. The recorded increase is 9.1% in the city, meaning average townhouse price rose to $549,649 and 12% in the 901 regions, bringing the average price there to $460,274.
The record-breaking November sales brought this year’s home sales across GTA to 96,401 so far, that’s significantly more than the 93,193 homes sold way back 2007 before the economic recession had a huge impact on Canada’s real estate market.
Hotter Buyer Competition
TREB’s director of market analysis Jason Mercer shared that ownership housing continued to climb strong for 2015, with new listings not growing as fast as sales and demand is growing. In fact, bidding wars and bully bids seems to be the new norm for stand-alone homes and in-demand condos, more so for sought-after locations such the City of Toronto and nearby regions.
The upward surge of home prices beats inflation rate in most cases. That’s what happens when many buyers are competing for the same piece of real estate in sough-after areas. It simply seems that there’s not enough properties being listed for sale, more so that more and more families are opting to stay in family homes even when their kids have already moved out.
TREB shares that although new listings went up by 10.2% for November 2015 (9,609 last month compared to only 8,716 November of last year), active listings actually decreased by about 8.6%.
The price and sales parade in GTA was led by semi-detached homes, recording a sales increase of 18.3% and average price increase of 11.8%, largely driven by condo dwellers and first-time buyers who went for their best change to get into the house market. This caused the average sales price for semi-detached homes to jump up to $504,928 for the 905 regions and $750,608 for the city of Toronto.
Condos also held up their own, with sales going up 16% compared to a similar period a year ago and average sales price jumping up 5.4% for the City of Toronto and 1.5% in the 905 regions, making their average sale prices shoot up to $415,316 and $315,223 respectively.
Not to be left out are townhouses and detaches homes, with homes in the City of Toronto continuing to cost an average of more than a million each while townhomes are around the half million mark, give or take a few thousands.
Figures and numbers aside, it appears that Toronto and Vancouver remain to be Canada’s most sought-after housing market. The Canada Mortgage and Housing Corporation has predicted though that things should become more stable for the rest of Canada in the next two years.
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