Toronto Real Estate Prices and Sales Continue to defy Expectations

November Numbers seems to show a robust Toronto Real estate market, as home resales numbers were 6391 for the month of november.This represents a rise of 14% from a year ago. New listing were down 4.4% year over year and total listing in toronto are 12% lower than November of 2012.

TREB President Diane Usher commented making mention of  the availability of financing and the current environment of historically low rates and affordability.

“Mortgage payments on the average priced home remain affordable for a household earning the average GTA income”.

The Average home value in toronto for the month of November  was $538,881. Which is 11% from November 2012. MLS Home price index is up 5.7% Year over Year. Many site buyer competition in certain areas, and a shortage of supply as contributors to the higher values.

Sales of Detached homes in Toronto rose 24% year over year with the average detached home reaching 855,188. This represents a 16% rise from last year. Condominiums  were up 10%  year over year with an average price of $385, 968

 

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