Greater Toronto Area REALTORS® Release Monthly Resale Market Figures for November

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.

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.

"With National Housing Day having just passed, housing affordability is top of mind in the GTA and indeed nationally. Despite strong price growth and an uptick in borrowing costs this year, monthly mortgage payments on the average priced home remain affordable for a household earning the average GTA income," continued Ms. 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.

2013						2012
Sales		Average Price		New Listings		Sales		Average Price		New Listings
City of Toronto ("416")	2,528		$590,366		3,849		2,234		$516,426		4,019
Rest of GTA ("905")	3,863		$505,190		5,496		3,379		$462,907		5,756
GTA	6,391		$538,881		9,345		5,613		$484,208		9,775
TorontoMLS Sales & Average Price By Home Type November 1 - 30, 2013
Sales						Average Price
416		905		Total		416		905		Total
Detached	913		2,200		3,113		855,188		609,557		681,597
Yr./Yr. % Change	23.9%		16.3%		18.5%		16.0%		9.7%		12.3%
Semi-Detached	267		418		685		640,208		419,318		505,417
Yr./Yr. % Change	-1.1%		9.1%		4.9%		9.9%		7.1%		7.4%
Townhouse	249		712		961		472,722		378,569		402,965
Yr./Yr. % Change	4.2%		10.9%		9.1%		6.4%		8.8%		7.7%
Condo Apartment	1,081		434		1,515		385,968		277,389		354,864
Yr./Yr. % Change	12.7%		14.2%		13.1%		10.0%		-0.4%		7.4%

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 37,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board.

Media contact:
Mary Gallagher, Senior Manger Public Affairs
416-443-8158 maryg@trebnet.com
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