Home sales in Toronto were up 14.2% in November compared to the same time last year, while home prices in the city experienced the biggest growth of the year thus far.
A new report from the Toronto Real Estate Board (TREB) revealed there were 7,090 home sales this past November with sales up in all major market segments, with detached homes leading the way.
New listings last month were down 17.9% compared to November 2018, and active listings were also down 27.2%.
Strong population growth in the GTA coupled with declining negotiated mortgage rates resulted in a push in sales and an increased competition between buyers, said Jason Mercer, TREB’s chief market analyst.
“Expect the rate of price growth to increase further if we see no relief on the listings supply front,” said Mercer.
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As market conditions continued to tighten in November, with increased sales up against an increasingly constrained supply of listings, the annual rate of price growth continued to accelerate.
The push of sales, paired with the lack of new listings in the market, added pressure to prices, and TREB said the MLS Home Price Index Composite (HPI) Benchmark increased by 6.8% year-over-year and the average selling price increased by 7.1% year-over-year to $843,637.
Both the MLS HPI and the average selling price for the TREB market area as a whole experienced the strongest annual rates of price growth for the year in November.
In November, detached home sales were up 23.8% from this time last year and the average price for these homes rose 3.5% to $1.04 million.
Moreover, condo sales were up 1% year-over-year and the average price spiked 11.1% to $617,658.