Toronto Real Estate Home Prices Report- November 2016
Toronto Real Estate Home Prices Report For November 2016
[All statistics via TREB Market Watch]
Average sales year-to-year increases
As we approach the end of 2016, the Toronto MLS statistics show evidence that 2016 will be the second consecutive record year through the TREB MLS system.
In November, GTA realtors reported 8,547 transactions for home sales, up from 7,337 year-over-year comparision. This is a 16.5% increase compared to November 2015. In the TREB market districts, sales were up for all major home types, with the strongest annual rate of sales growth was shown in the townhouse and condo apartment market. These sectors represents a more affordable segment for first time home buyers. Home buying activity between detached and semi-detached continue to remain strong.
Homebuyers currently on the hunt for their next property continues to be frustrated with the lack of inventory for new listings.
Overall Price Growth Acorss Major Home Types Up 20.3%
The continual strong Sellers market translates into robust price growth. The MLS Home Price Index Composite Benchmark was up by 20.3% compared to November 2015. Overall average selling price was $776,684 in 2016 across all sectors compared to $632,774 from the year before.
Average GTA Condo Selling Price $443,586 +15.3%
Average 416 Condo Selling Price $471,256 +13.5%
Average 905 Condo Selling Price $374,792 +18.9%
The above chart shows average price growth in all major sector, and average property price for 5
different housing types.
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