Larry Cerqua, the Toronto Real Estate Board President, announced that Greater Toronto Area REALTORS® reported 8,547 home sales through TREB's MLS® System in November 2016. This result is a 16.5 per cent increase compared to November 2015.
Sales were up on a year-over-year basis for all major home types for the TREB market area as a whole. The strongest annual rates of sales growth were experienced in the townhouse and condominium apartment segments.
Home buying activity remained strong across all market segments in November. However, Mr. Cerqua talks about the ongoing tight market conditions:
Many would-be home buyers continued to be frustrated by the lack of listings, as annual sales growth once again outstripped growth in new listings. Seller's market conditions translated into robust rates of price growth.
The MLS® Home Price Index (HPI) Composite Benchmark was up by 20.3 per cent compared to November 2015. The average selling price at $776,684 was up by 22.7 per cent on a year-over-year basis.
Jason Mercer, the TREB's Director of Market Analysis, said:
Recent policy initiatives seeking to address strong home price growth have focused on demand. Going forward, more emphasis needs to be placed on solutions to alleviate the lack of inventory for all home types, especially in the low-rise market segments.