The Toronto housing market is continuing its hot streak as we near the end of 2016.
The Toronto Real Estate Board released their latest monthly housing market figures, which reported just over 8,500 homes sold through the TREB in November. The number represents a 16.5 per cent increase compared to November 2015.
The average GTA selling price was $776,684, up by 22.7 per cent on a year-over-year basis, according to the report.
“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 Toronto Real Estate Board President Larry Cerqua.
The Toronto Real Estate Board will be releasing its second annual Market Year in Review & Outlook Report in January. The report will contain a discussion on the current state and future direction of the housing market, along with results of a TREB-commissioned study on transportation infrastructure on housing affordability.