Real Estate Homeward Blog
MARKET UPDATE December 2015
MARKET UPDATE DECEMBER 2015
The Toronto Real Estate Board had the best November ever! Many are wondering why. The three most obvious reasons are: (1) Low interest rates, (2) Pent up demand from buyers, and (3) Mild weather. December promises to be busy despite the holiday season and we are on track to have the best year ever for Toronto real estate. I expect TREB will record over 100,000 sales for 2015!
November figures show home sales were up 6.3%, compared to November 2014, with the average selling price being 11.1% higher.
Home Market Indicator
Nov 2015 Nov 2014 % Change
Sales 7,385 6,476 14%
Average Price $632,285 $577,502 +9.5%
Source: Toronto Real Estate Board, Jason Mercer
“Demand for ownership housing has remained strong in the GTA throughout 2015, with sales generally increasing at a greater annual rate compared to new listings. This means that competition between buyers has strengthened in many neighbourhoods in the City of Toronto and surrounding regions. The end result has been upward pressure on home prices well above the rate of inflation in most cases,” said Jason Mercer, TREB’s Director of Market Analysis.