Christmas has come early for the Greater Toronto Area’s housing market.
Home sales in the GTA have already surpassed last year’s total and broken the annual sales record set in 2007, the Toronto Real Estate Board (TREB) said today.
Eleven months into 2015 and 96,401 GTA home sales have been tracked through the TREB MLS system, up 3.8 per cent from last year’s total and 3.4 per cent higher than 2007’s total.
A record-breaking November led to the new calendar year high: GTA home sales numbered 7,385 last month, a 14 per cent year-over-year increase and the best result for that month ever recorded.
“Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding regions,” said Mark McLean, the board’s president, in a statement.
“This suggests that the demand for ownership housing is widespread, from first-time buyers to long-time homeowners across the GTA.”
The average selling price last month for all housing types was $632,685, up 9.6 per cent from November 2014.
The most expensive kind of home anywhere in the GTA was a detached dwelling in Toronto. The average sale price for these homes was $1,018,621 in November, up 8.8 per cent from one year ago, compared to $762,326 across the rest of the GTA.
Meanwhile, Toronto condo sale prices averaged $415,316 last month, marking a 5.4 per cent year-over-year increase. For the rest of the GTA, the average sale price of condo apartments was just over $100,093 cheaper.
York Region posted the strongest year-over-year price gains of any GTA region for all housing types. There, the MLS home price index was 14.5 per cent higher in November than it was during the same month last year.
In Toronto, where the average home price is higher than it is for the rest of the GTA, the index increase, which measured 8.03 per cent, was smallest.
Year-over-year, the index price for single-family detached homes across the GTA in November increased by 11.56 per cent, more than any other form of housing.
The index price for condo apartments rose 5.56 per cent, making it the housing type with slightest year-over-year appreciation.
New listings were also up year-over-year. Last month, GTA homeowners put 9,609 dwellings on the market using TREB’s MLS, a 10.2 per cent increase over November 2014.
Still, sales are typically outpacing new listings, Jason Mercer, TREB’s director of market analysis, pointed out in a statement, and that has consequences for those looking to buy a home.
“This means that competition between buyers has strengthened in many neighbourhoods in the City of Toronto and surrounding regions,” he said.
“The end result has been upward pressure on home prices well above the rate of inflation in most cases.”