In the video published on December 10th, 2016, Toronto Real Estate Board Senior Manager, Jason Mercer, discusses real estate sales in the Greater Toronto Area in November. By the end of November MLS sales were already higher than in all of 2015.
While lower than in the summer - in part due to the low listing inventories - November sales were still stronger than in the same period of 2015. 8,547 properties of all types were reported sold on the MLS system in November, 1,210 (or 16.5%) more than last year. The strongest increase in sales was for townhouses and condominium apartments.
Many prospective buyers were unsuccessful in their search for property and frustrated with a lack of listings. The competition for existing listings caused multiple bids on offer dates, and contributed to a substantial price increase. The MLS home price index composite benchmark rose by 20.3% over the level in November 2015. The average selling price was $776,684, an increase of 22.7%.
House price growth is a function of supply and demand. Recent policy changes focus on the demand portion of this equation, but more emphasis should be placed on alleviating the low supply, especially in the low rise market segment.
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