So here’s the recent press release by the Toronto Real Estate Board:
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. Sales 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.
The average selling price for November 2013 TorontoMLS transactions was $538,881 – up by 11.3 per cent in comparison to the average of $484,208 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 in 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.
Here are the November Housing Market Charts for your review
Here at urbaneer.com, we’re carefully watching how the central condominium market is oscillating differently from the freehold housing market.
For example, during the month of November, in the downtown core spanning from the Don Valley Parkway west to Dufferin, and north from Lake Ontario to St. Clair Avenue (known as Districts C01, C02, C08 and C09) there were 147 freehold listings, of which 75 sold. A note- we acknowledge that this is a fairly small geography that has shifted from predominantly freehold properties to a skyline of condominium high-rises over the past 30 years. In contrast, there were 1528 condominiums for sale in this area during the month of November, of which 375 sold. In other words, over half the freehold properties are finding buyers, but only one in four condominium listings are being purchased.
What does this mean?
We explore this in our comprehensive and insightful assessment of the Toronto real estate market in the following links:
No matter how healthy Toronto’s real estate market may be (or not be), we analyze each neighbourhood, dwelling type, and price point segment as it pertains specifically to each client. We then guide, educate and gently steer them into making a rational, prudent, decision, because they have been well-educated in the context of their specific needs, wants, wishes and desires. As one of Bosley’s Top Producers, our continuing success spanning twenty-four years is the result of our comprehensive knowledge of multiple micro-markets and how each influences the trade of urban real estate. We’re here to earn your trust, then your business.
~ Steven and the urbaneer team