Brian Madigan LL.B., Broker
BRMadigan@iSourceRealEstate.com

RE/MAX West Realty Inc.,
Brokerage
Independently owned and operated

96 Rexdale Blvd. 
Toronto, Ontario 


Phone: 416-745-2300
Toll Free: 1-888-507-0817

 

Search Blog

Search in:  
    
    
       

Sort by:

Sales are Up and Prices are Up in Toronto (November 2016)

December 2, 2016 - Updated: December 2, 2016

 

Sales are Up and Prices are Up in Toronto

 

This is the report of the Toronto Real Estate Board (TREB) for November 2016:

 

Tight Market Conditions in November TORONTO,

 

December 2, 2016 –

 

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 8,547 home sales through TREB's MLS® System in November 2016. This result represented a 16.5 per cent increase compared to November 2015.

 

For the TREB market area as a whole, sales were up on a year-over-year basis for all major home types. The strongest annual rates of sales growth were experienced for the townhouse and condominium apartment segments.

 

"Home buying activity remained strong across all market segments in November. However, many would-be home buyers continued to be frustrated by the lack of listings, as annual sales growth once again outstripped growth in new listings.

 

Seller's market conditions translated into robust rates of price growth," said Mr. Cerqua. The MLS® Home Price Index (HPI) Composite Benchmark was up by 20.3 per cent compared to November 2015.

 

The average selling price at $776,684 was up by 22.7 per cent on a year-over-year basis.

 

"Recent policy initiatives seeking to address strong home price growth have focused on demand. Going forward, more emphasis needs to be placed on solutions to alleviate the lack of inventory for all home types, especially in the low-rise market segments,” said Jason Mercer, TREB’s Director of Market Analysis.

 

Average Prices

 

January                $630,193

 

February              $685,738

 

March                  $687,999

 

April                    $739,765

 

May                     $752,324

 

June                    $746,961

 

July                     $710,500

 

August                 $710,975

 

September            $756,213

 

October                $762,525

 

November            $776,684

 

COMMENT

 

November is usually a “down” month. This year again (like 2015) it’s actually up. That defies longer term trends. But, “it is what it is”.

 

The market remains “hot” due to a shortage in the supply of properties listed for sale.

 

Brian Madigan LL.B., Broker

www.iSourceRealEstate.com


Tagged with: treb november 2016 prices sales high
| | Share

Brian Madigan LL.B. Broker

RE/MAX West Realty Inc. Brokerage

Independently owned and operated

96 Rexdale Blvd. , Toronto Ontario,

Powered by Lone Wolf Real Estate Technologies (CMS6)