Greater Toronto Area REALTORS® reported 4,051 home sales through TREB’s MLS® System during the first 14 days of November 2016. This result represented a 13 per cent increase compared to the first two weeks of November 2015, during which time 3,584 sales were reported.
Sales were up strongly for all major home types except semi-detached houses. The year-over-year dip in semi-detached transactions, both in the City of Toronto and surrounding regions, was not due to a lack of demand, but rather a lack of available listings.
TREB Members reported 5,494 new listings between November 1st and November 14th – up six per cent compared to the same period in 2015. While the annual growth in new listings was certainly welcome, the rate of growth was less than that reported for sales. This means that market conditions continued to tighten compared to last year.
The average selling price for all home types combined was $768,220 during the first two weeks of November, representing a 20.9 per cent increase compared to a year earlier. Average annual rates of price growth were strongest for low-rise home types, but average condominium apartment prices continued to increase strongly as well.
Source: Toronto Real Estate Board