Toronto Real Estate Board members reported 6,519 residential sales in November bringing the 11 month total to 88,462, up 6.6% from 2013. 2007 was the most active year for the Toronto Real Estate Board with 93,193 single family homes sold. We are on track to break that record in 2014 and become the most active year in the over 80 year history of the Toronto Real Estate Board.
What makes this busy year so unusual is the lack of listings inventory. The low inventory of homes for sale coupled with continued demand for houses sustains our current Sellers’ market, which is highlighted with multiple offer situations and rising prices.
While prices increase, demand for homes continues to be strong as people remain upbeat about ownership. Why? Todays low interest rates create low monthly mortgage payments which are affordable relative to accepted lending standards and today’s salaries.
The results are that prices continue to rise, and the average price of a home in Toronto now stands at $567,198 up 8.5% over 2013.
While the average price of all homes on the Toronto Real Estate Board is $567,198, the average price differs throughout the GTA. Here is a breakdown of some local areas as of November 30 2014.
- City of Toronto: $612,398
- Oakville: $795,825
- York Region: $683,926
- Durham Region: $392,027.
- Peel Region: $485,605
King city is the highest in York region with an average price of $960,500.
If you are interested in some more local areas, give me a call I will be happy to share those numbers with you.
As 2014 comes to a close, I would like to wish you and your loved ones a safe, happy and peaceful Holiday season and may 2015 be your best year ever!
Howard