November 2013 Toronto Resale Housing Statistics

GREATER TORONTO REALTORS® RELEASE NOVEMBER RESALE MARKET FIGURES TORONTO

December 4, 2013 – Greater Toronto Area REALTORS® reported 6,391 residential sales through the TorontoMLS system in November, representing a 13.9 per cent increase over the sales result for November 2012. Over the same period, new listings on TorontoMLS were down by 4.4 per cent and month – end active listings were down by 12.1 per cent.

Growth in sales was strong for most home types in the Greater Toronto Area. S ales growth was led by the single – detached market segment followed by condominium apartments. Together, singles and condos accounted for almost three – quarters of total GTA transactions,” said Toronto Real Estate Board President Dianne Usher.

With National Housing Day having just passed, housing affordability is top of mind in the GTA and indeed nationally. Despite strong price growth and an uptick in borrowing costs this year, monthly mortgage payments on the average priced home remain af fordable for a household earning the average GTA income,” continued Ms. Usher.

The average selling price for November 2013 TorontoMLS transactions was $538,881 – up by 11.3 per cent in comparison to the average of $4 84,208 reported for November 2012. The MLS® Home Price Index (HPI) Composite Benchmark was up by 5.7 per cent over the same period.

Whether we consider the average TorontoMLS selling price or the MLS® HPI Composite Benchmark, annual home price growth remained well – above the rate of inflation i n November. This makes sense given the fact that competition between buyers increased last month . Transactions were up strongly year – over – year while the number of homes available for sale was down,” said Jason Mercer, TREB’s Senior Manager of Market Analysis

 

Summary of TorontoMLS Sales and Average Price November 2013

November  1 – 30

 

2013

2012

Sales

Average Price

Sales

Average Price

City of Toronto -416

2.528

$590,366

2,234

$516,426

Rest of GTA – 905

3,863

$505,190

3,379

$462,907

GTA

6,391

$538,881

5,613

$484,208

 November  1 – 30 2013

 Housing Styles

Sales

Average Price

416

905

Total

416

905

Total

Detached

913

2,200

3,113

$855,188

$609,557

$681,597

Yr/Yr % Change

23.9%

16.3%

18.5%

16%

9.7%

12.3%

Semi-Detached

267

418

685

$640,208

$419,318

$505,417

Yr/Yr % Change

-1.1%

9.1%

4.9%

9.9%

7.1%

7.4%

Townhouse

249

712

961

$472,722

$378,569

$402,965

Yr/Yr % Change

4.2%

10.9%

9.1%

6.4%

8.8%

7.7%

Condo Apartment

1,081

434

1,515

$385,9681

$277,389

$354,864

Yr/Yr % Change

12.7%

14.2%

13.1%

10.0%

-0.4%

7.4%