House and condo sales and prices keep rising in GTA

The sale of detached homes and condominiums led the way in November, helping boost GTA house prices by 11.3 per cent and sales by almost 14 per cent year over year, according to figures released Wednesday by the Toronto Real Estate Board.

Despite concerted efforts by Ottawa to cool the housing market, the average price of a home in the GTA was up to $538,881 last month, compared to $484,208 in November of 2012.

Even the MLS Home Price Index Benchmark – which factors out anomalies in the month’s housing activity such as, say, a rush of high-end home sales – was up 5.7 per cent, year over year, far outpacing inflation in a market that continues to push the limits of affordability.

Detached homes and condominiums accounted for three-quarters of all sales last month, said TREB president Dianne Usher.

But the number of for sale signs dotting the region was down significantly, boosting competition and prices, as the market settles in for a long, cold winter and sellers remain firmly in the driver’s seat: New listings were down 4.4 per cent and month-end active listings were down 12.1 per cent, according to TREB statistics.

The average sale price of a home in the City of Toronto was $590,366, up from $516,426 a year ago. That compared to $505,190 in the 905 regions, up from $462,907 a year ago.

Detached home sales were strongest in the City of Toronto in November, up almost 24 per cent year over year compared to 16.3 per cent in the suburbs. The average sale price of a detached house in the city was $855,188 and in the 905 regions it was $609,557, says TREB.

Condo sales showed mixed results depending on where you were buying: Sales remained strong in both the city and suburbs, up 12.7 per cent and 14.2 per cent respectively.

While resale condo prices were up 10 year cent, year over year, in the 416 region, they were down just slightly, 0.4 per cent, in the 905 regions. The average price of a resale condo in Toronto was $385,968 in November and $277,389 in the 905 regions.

Semi-detached sales slipped by 1.1 per cent in Toronto but were up more than 9 per cent in the suburbs. The average sale price of a semi in the City of Toronto was $640,208 compared to $419,318 in the 905 regions.

Townhome sales were up 4.2 per cent in Toronto and almost 11 per cent in the 905 regions, bringing the average sale price of a townhome in the city to $472,722 and $378,569 in the regions.
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