Toronto house prices keep on rising
Expect the prices of homes in Toronto to keep heading upwards through into 2015. The Toronto Real Estate Board says the average price in November was 7.4 per cent higher than a year ago, reaching $577,936. For the year so far prices are up 8.4 per cent to an average of $567,198. There has been a 6.6 per cent increase in sales volume in the first 11 months of this year compared to 2013 with 88,462 sales. That figure would have been higher if supply had kept up with demand; there were fewer active listings in November than the same time last year. TREB's Director of Market Analysis Jason Mercer predicts that things will stay much the same in the New Year: “Barring a substantial shift in the relationship between sales and listings in the GTA, price growth is expected to continue through 2015."