Real Estate Homeward Blog

MARKET UPDATE NOVEMBER 2013

 

MARKET UPDATE NOVEMBER 2013

 

The autumn Real Estate market has taken many by surprise with the surge in sales and prices.   At the beginning of the year, some were predicting that prices and sales volume would drop during 2013.  The exact opposite has occurred.  In 2013, Real Estate prices increased by 5% and sales volume increased by 4%, in comparison to 2012.  We are not yet at the end of this bull market.  I agree with Jason Mercer’s prediction that prices will increase again during 2014. 

 

 

Toronto home sales were up by 19.2% last month in comparison to October 2012.  The average selling price in Toronto was up by 7.4% compared to last October.

 

 

 

Home Market Indicator

 

            Oct 2013                   Oct 2012              % Change

 

Sales                                                     8,000                          6,713                      +19.2%

Average Price                                   $539,058                   $502,127                   +7.4%

Source: Toronto Real Estate Board

 

“Increase in the average selling price and the MLS® HPI Composite Benchmark will continue through 2014. Inventory levels for ground-oriented home types will be low from a historic perspective and home ownership demand will stay strong as affordability remains in check due to the continuation of accommodative borrowing costs,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

 

 

Regards,

 

Roger Gallibois, B.Sc., P.Eng.



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Toronto Real Estate Board - IDX Last Updated: 8/18/2017 6:34:31 AM