Real Estate Statistics for November 2014

December 4, 2014 - The Toronto Real Estate Board today reported it's MLS® resale sales figures for Metro Toronto and the Greater Toronto Area showing continued strong price growth for most home types, but a modestly lower number of homes sold in the Detached and Semi-Detached groups compared to November, 2013.

The total number of sales for the entire TREB area rose a modest 2.6% year-over-year to 6,519 units, and the Average Selling Price for those units rose 7.4% to $577,936.

Specifically, sales of Detached homes were virtually flat compared to one year ago: In Toronto itself, 904 Detached homes sold, off 0.3%, and in the balance of the GTA 2,164 Detached homes sold, off 0.8%. The Average Sale Price, however, continued to show strong growth, up 9.4% to $935,122 in the former and up 10.6% to $672,825 in the latter.

Sales of Semi-Detached homes were down 2.2% to 261 at an average price of $677,178, up 4.2% in Metro Toronto, while 389 Semis sold in the balance of the GTA, down 6.3%, at an average price of $449,429, up 7.1%.

More than off-setting the modestly lower sales of Detached and Semi-Detached homes were the Freehold Townhome and Condo Apartment sales.

1,199 Condo Apartments sold in Toronto, up 11.2%, at an average price of $394,225, up 2.0%. In the rest of the GTA, 468 were sold, up 8.1%, at an average price of $310,220, up 11.8%.

In a market that was already relatively tight in terms of inventory levels, the important Total Active Listings figure fell again, down 8.5% versus last November. Considering the total sales for the month of 6,519, "Forward Inventory" stands at 2.26 months. Naturally this "Seller's Market" inventory situation is a primary contributor to the continued strong price growth.

Jason Mercer, Director of Market Analysis at the Toronto Real Estate Board: "Barring a substantial shift in the relationship between sales and listings in the GTA, price growth is expected to continue through 2015."

The length of time it took to sell a home in the GTA was 27 days, or "6.9% faster" than November, 2013's 29 days.

Taking a quick look specifically at Bungalows for sale in Toronto and the GTA:
... there were 153 Detached Freehold Bungalows sold in Toronto in the 2nd half of November this year. Their average sale price was $673,821 [Median $574,000]. Average DOM [Days on Market] for those Bungalows was 22.

...for the same period 1 year earlier, there were 164 Bungalows sold at an average price of $613,558 [Median $521,375]. DOM was 21.

...just for the sake of comparison, in 2014 in York Region [same time frame], 60 Bungalows sold at an average price of $693,061 [Median $628,000]. DOM = 38 days.

....In York Region in the 2nd half of November, 2013, there were 51 Bungalows sold at an average price of $651,193 [Median $590,000]. DOM = 43 days.

Given that the overall average rise in selling price for all types of home was 7.4% for the month, and the overall average DOM figure was 27 days for the month, it's obvious that Bungalows continue to be a hot spot in the market for Metro Toronto where, for the 2nd half of the month at least, the average year-over-rise was about 9.8% [and the shorter time on the market of 21 days for the Bungalows].

While there were fewer sales of Bungalows in Toronto for that narrow period year-over-year, it's likely that that was at least partially due to the lack of inventory.

Note that this "Bungalow Market Snapshot" includes only freehold detached Bungalows - If you'd like a detailed Snapshot of your own neighbourhood - or another neighbourhood that's of interest to you - just click the link below...

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: