"Not only did we see a record sales result for November, but
with one month left to go in 2015, we have already set a new calendar
year record for home sales in the TREB market area, eclipsing the
previous record set in 2007. Sales were up on a year-over-year basis for
all major home types, both in the City of Toronto and surrounding
regions. This suggests that the demand for ownership housing is
widespread, from first-time buyers to long-time homeowners across the
GTA," said Mr. McLean.
The MLS® Home Price Index (HPI) Composite Benchmark was up
by 10.3 per cent year over year in November. The average selling price
for all transactions was also up by a similar annual rate of 9.6 per
cent to $632,685. Annual rates of average price growth for November and
the first eleven months of 2015 were similar, with the strongest rates
of increase being reported for low-rise home types, including detached
and semi-detached houses and townhouses.
"Demand for ownership housing has remained strong in the GTA
throughout 2015, with sales generally increasing at a greater annual
rate compared to new listings. This means that competition between
buyers has strengthened in many neighbourhoods in the City of Toronto
and surrounding regions. The end result has been upward pressure on home
prices well above the rate of inflation in most cases," said Jason
Mercer, TREB's Director of Market Analysis.