TREB: November 2013 Resale Report
By Lucas on Dec 06, 2013
The Toronto Real Estate Board (TREB) recently released their Market Watch report for November 2013.
Greater Toronto Area (GTA) Realtors reported 6,391 residential sales through the TorontoMLS system in November 2013, a 13.9% increase compared to November 2012.
“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.”
The average selling price in the GTA was $538,881, an 11.3% increase compared to November 2012 ($484,208).
The majority of the transactions were for for detached homes, with 3,113 sales. The average selling price for a detached home was a staggering $681,597. Condos came in second with 1,515 sales, and the lowest average selling price of $354,864. The next popular home style was townhomes with 961 sales and an average price of $402,965. And finally, the least popular home style for November was semi-detached with 685 sales and an average price of $505,417.
To read the full report, click here.
