The Toronto real estate market’s latest figures show no change to the underlying market conditions that have persisted throughout this year. The year-over-year average sale price and the number of closed home sales were up by double-digits. While the number of new listings grew, it still is not enough to address Toronto's sparse inventory.
The Toronto Real Estate Board reported 8,547 home sales, a 16.5 percent increase year-over-year. Average selling price for GTA real estate reached $776,684, a 22.7 percent increase compared to November 2015. Buyers looking for a detached property in the 416 area code could expect to pay an average $1.3 million. The MLS home price index composite Benchmark also rose by 20.3 per cent.
Sellers could expect their home to spend an average 17 days on market, nine days fewer than the same month last year.
In the luxury market, 1,683 homes sold across all property types. Of those sales, 300 were in the $2 million-plus super luxury segment, including 14 condominium apartments and 7 semi-detached properties. This year to date, approximately 3,000 properties have sold in the super-luxury real estate market.
Toronto real estate is experiencing another record-breaking year in the number of properties sold and average sale price thanks to continuing high demand and a limited supply of housing inventory across all market segments. A total of 107,840 properties that have sold this year to date, which is more than the 2015 total of 101,212.
The Barry Cohen group would like to thank our clients for their continued support and referrals throughout this year. Now is a great time to prepare for home buying in 2017. To work with the best agent experienced in negotiating highly competitive deals, contact us today.