The Greater Toronto Area Realtors just released the sales figures for last month. According to their data, there was an increase of 13.9 per cent in sales and 11.3 per cent in the average selling price to $538,881 in November 2013 compared to the same time last year. In November 2012, the average selling price was $484,208.
According to Toronto Real Estate Board president Dianne Usher, “Growth in sales was strong for most home types in the Greater Toronto Area,” adding that “singles and condos accounted for almost three-quarters of total GTA transactions.” With respect to factors behind this trend, she said, “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.”
On the other hand, the number of new listings fell 4.4 per cent from 9,775 to 9,345 and the number of month-end active listings 12.1 per cent from 18,311 to 16,092 on a year-over-year basis.
Jason Mercer, TREB’s senior manager of market, reasoned that the “annual home price growth remained well-above the rate of inflation in November… 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.”
Consistent with historic data, Markham continued to be an active area for real estate last month. Last month, Markham had 314 sales, which made up over 27 per cent of the total sales within York Region (1154 sales). Detached homes and condo apartments were the two leading home types, representing 42 per cent and 16 per cent respectively of all sales in Markham.
Are you looking to lease or sell your home? Or looking to invest in real estate? Contact a knowledgeable and experienced agent with Century 21 King’s Quay today!