November, 2015 - more record numbers...

Toronto, December 3, 2015 - Well, we have a couple of new records for Toronto MLS® home sales…

“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...", said Toronto Real Estate Board President Mark McLean.

Total residential sales for November - including all Toronto MLS® areas and all property types - were 7,385, up an even 14% from last November's 6,476. Sales growth was strongest outside Metropolitan Toronto, as was price growth, generally speaking.

The average overall price of those sales this November was $632,685, up 9.6% from last November's average of $577,502.

The total number of sales for all of last year was 92,783. To the end of November, 2015, we stand at 96,401 sales. The previous annual record, which was for 2007 as noted above, was 93,193.

What's interesting to note is that sales for the following year, 2008, fell 25% to 74,552. Just for the record [so to speak], the average sale price for 2008 did eke out an increase versus 2007: up less than one percent to $379,347.

Looking specifically at the numbers, Detached home sales in Metro Toronto were 901 for the month, up 0.7% over last November, and Detached sales were 2,550 in the balance of the Greater Toronto Area, up 18.5% over one year ago. All figures are year-over-year comparisons unless otherwise noted.

Condo Apartment sales were very strong across the GTA, though their price growth was relatively moderate. In Metro Toronto itself there were 1,351 Condo Apartments sold on the month, up 13.3%, at an average price of $415,316, up 5.4%; in the balance of the GTA there were 573 Condo Apartments sold, up 22.7%, at an average price of 315,223, up 1.5% year over year.

As has been the trend for sometime, the only two negatives in the report were the Total Active Listings, down 8.6% to 13,454, and the average time to sell a home ["Days on Market", or DOM], down one day to 26 days on the market compared to last November.

That Total Active Listings figure divided by the total sales figure for the month gives us an indicated "forward inventory" of just 1.82 months in this ongoing sellers' market.

"...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.

Set Up Your Own Customized SmartSearch
What's your property worth today?
JustBungalows.com Home Page
Questions? Comments? ...We'd to hear from you!

Browse GTA Bungalows by City / Region:

Browse "Beyond the GTA" Bungalows by City / Region: