Cindie Carr-Harris
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TORONTO REAL ESTATE BOARD NOVEMBER MARKET WATCH
Friday, 02 December 2016, 09:50:00 AM

TORONTO, ONTARIO, December 2, 2016 - Toronto Real Estate Board President Larry

Cerqua announced that Greater Toronto Area REALTORS® reported 8,547 home sales

through TREB's MLS® System in November 2016. This result represented a 16.5 per cent

increase compared to November 2015.

For the TREB market area as a whole, sales were up on a year-over-year basis for all

major home types. The strongest annual rates of sales growth were experienced for the

townhouse and condominium apartment segments.

"Home buying activity remained strong across all market segments in November.

However, many would-be home buyers continued to be frustrated by the lack of listings,

as annual sales growth once again outstripped growth in new listings. Seller's market

conditions translated into robust rates of price growth," said Mr. Cerqua.

The MLS® Home Price Index (HPI) Composite Benchmark was up by 20.3 per cent

compared to November 2015. The average selling price at $776,684 was up by 22.7 per

cent on a year-over-year basis.

"Recent policy initiatives seeking to address strong home price growth have focused on

demand. Going forward, more emphasis needs to be placed on solutions to alleviate the

lack of inventory for all home types, especially in the low-rise market segments,” said

Jason Mercer, TREB’s Director of Market Analysis.

 

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