December, 2014. Greater Toronto Area REALTORS® reported 6,519 residential transactions through the TorontoMLS system in November 2014. This result was up by 2.6 per cent compared to 6,354 sales reported in November 2013. Through the first 11 months of 2014, total sales amounted to 88,462 - up 6.6 per cent compared to the same period in 2013.
While the trend of year-over-year sales growth continued, the supply of listings remained constrained, with active listings at the end of November down in comparison to last year.
"Even with a constrained supply of homes for sale in many parts of the Greater Toronto Area, buyers continued to get deals done last month. Households remain upbeat about home ownership because monthly mortgage payments remain affordable relative to accepted lending standards. This is coupled with the fact that housing has proven to be a quality long-term investment," stated Toronto Real Estate Board President Paul Etherington.
The average selling price for November transactions was up by 7.4 per cent year-over-year to $577,936. The year-to-date average price was up by 8.4 per cent to $567,198. The MLS(R) Home Price Index Composite Benchmark price for November was up by 7.7 per cent compared to a year earlier.
Continuing Price Growth in Durham Region
Jane Hurst, President of Durham Region Association of REALTORS® (DRAR), reported 740 sales through the MLS® System in November 2014. This is a 2.8 per cent increase compared to 720 sales in November 2013. Through the first 11 months of the year, 10,367 residential sales were reported, up 5 per cent compared to 9,872 over the same period last year.The average selling price for November transactions was up 9.7 per cent year-over-year to $404,196. The year-to-date average selling price was also up by 9.7 per cent bringing the average price for the first 11 months of 2014 to $392,027.
Hurst said that the strong average price growth experienced throughout 2014 has been consistent with a higher demand for homes than the market could supply. There is also a strong competition between buyers which puts upward pressure on selling prices. This trend is expected to continue into the early months of 2015.
If you are looking for a house in Durham Region or are already a homeowner and wish to move to a new house in Pickering, Ajax, Whitby, Brooklin, Oshawa, Courtice or Bowmanville, please contact me for more information.
Having sold real estate in Whitby and the Durham Region for over 20 years, I can help you with both - the buying and selling process.
Randy Miller
Broker of Record
Royal Heritage Realty Ltd., Brokerage
905-430-1800
randy@randymiller.ca
http://whitbybrooklinhomes.com
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