The red hot Toronto market is set to close out 2014 with a bang, according to recently released statistics.
"Even with a constrained supply of homes for sale in many parts of the Greater Toronto Area, buyers continued to get deals done last month,” Toronto Real Estate Board President Paul Etherington said. “Households remain upbeat about home ownership because monthly mortgage payments remain affordable relative to accepted lending standards. This is coupled with the fact that housing has proven to be a quality long-term investment."
November saw 6,519 residential real estate transactions done through the MLS system, compared to 6,354 a year prior -- a 2.6 per cent jump. 88,462 total sales were recorded through the first 11 months of 2014 – a 6.6 year-over-year increase.
Meanwhile prices continue to climb as well, with the average selling price in November increasing 7.4 per cent year-over-year to $577,936. The year-to-date average selling price increased 8.4 per cent to $567,198.
"The robust average price growth experienced throughout 2014 has been fundamentally sound, with demand high relative to supply. Strong competition between buyers has exerted upward pressure on selling prices,” Jason Mercer, TREB's director of market analysis said. “Barring a substantial shift in the relationship between sales and listings in the GTA, price growth is expected to continue through 2015."
The 416 areas accounted for 2,661 sales at an average price of $616,130. 3,858 homes were sold in the 905 region at an average price of $551,592.
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