Greater Toronto Area Realtors reported 3,131 residential transactions through the Toronto MLS system during the first two weeks of November 2013. This result represented a 21% year-over-year increase compared to 2,582 sales reported during the same time frame in 2012. Over the same period, new listings were down by more than 4%.

Comment: Same old, same old. Inventory drops while sales increase. Supply drops as demand rises. No wonder prices are being pushed up.

“The results for mid-November indicate that GTA households remain comfortable with the costs of home ownership,” said Toronto Real Estate Board President Dianne Usher. “If not for the persistent shortage of listings for most home types, we would likely be experiencing an even higher level of sales as more buyers would be able to make a deal on a home meeting their needs.”

Comment: And this puts to bed all the talk of people rushing to buy because of increasing mortgage rates. They went up 4-5 months ago now, and have stayed flat since then. Pre-approvals are all expired to used up by now, they are only for 90-120 days. Any low rate from before the rate hike would have to date back to early June now, over 5 months ago.

The average selling price for November 2013 mid-month transactions was $538,708, representing an 11% increase compared to $485,988 in 2012.

Comment: Wow… so much for the predictions of a 3-5% price increase. We just saw 2-3 times that!

“More buyers competing for a smaller number of listings has translated into an accelerating pace of price growth. This theme has been most prevalent in the low-rise market segment, including single-detached and semi-detached houses and townhomes. However, it is important to note that the condominium apartment market has also become tighter,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto Realtor with Century 21 Regal Realty. He did not
write these articles, he just reproduces them here for people who are
interested in Toronto real estate. He does not work for any builders.
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