The Toronto Real Estate Board reported strong price growth for the GTA in November as tighter market conditions prevailed across the region. The average selling price for November was up 11.3% on a year-over-year basis to $538,881. The MLS Home Price Index Composite Benchmark, which is not affected by changes in the mix of sales the way that average price is, was up by 5.7% over the same period.
The total number of sales also increased in November, as a total of 6,391residential transactions were reported. This number represented a 13.9% increase from November 2012 when there were 5,613 total sales. The growth in sales was strong for most house types with the single-detached market leading the way, followed closely by condominium apartments. Together, singles and condos accounted for almost three-quarters of total GTA transactions.
Contributing to the tighter conditions was the fact that new listings dropped by 4.4% and active listings were down 12.1% from one year earlier.
GTA Year-Over-Year Summary For November
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