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Market Watch- November 2013

According to the latest TREB Report, the Greater Toronto Area REALTORS® reported 6,391 residential sales through the Toronto MLS system in November, representing a 13.9 per cent increase over the sales result for November 2012. Over the same period, new listings on Toronto MLS 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 Toronto MLS 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 Toronto MLS 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.

http://onlineoffice.century21.ca/PublicStorage.c?ID=d21c24f0-14a2-4fbe-9e96-a5b8206371eb

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

Posted by Henry L Lam on December 6, 2013

 

 

HenryL Lam

HenryL Lam

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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