Tight Market Conditions in November
The Toronto Real Estate Board announced that Greater Toronto Area REALTORS® reported 8,547 home sales through TREB's MLS® System in November 2016. This result represented a 16.5 per cent increase compared to November 2015.
For the TREB market area as a whole, sales were up on a year-over-year basis for all major home types. The strongest annual rates of sales growth were experienced for the townhouse and condominium apartment segments.
Home buying activity remained strong across all market segments in November. However, many would-be home buyers continued to be frustrated by the lack of listings, as annual sales growth once again outstripped growth in new listings. Seller's market conditions translated into robust rates of price growth.
The MLS® Home Price Index (HPI) Composite Benchmark was up by 20.3 per cent compared to November 2015. The aver-age selling price at $776,684 was up by 22.7 per cent on a year-over-year basis.
Recent policy initiatives seeking to address strong home price growth have focused on demand. Going forward, more emphasis needs to be placed on solutions to alleviate the lack of inventory for all home types, especially in the low-rise market segments.
Click here for a complete November 2016 Report.