November's First Half Shows Residential Home Sales and Prices Continue To Rise
Thursday Nov 27th, 2014
Toronto's MLS reported that during the the first half of November, sales of Toronto residential homes increased by 8.3% compared to the same time period in 2013. The 3,350 residential home sales also indicated that new listings were up, but by 2.2% less.
As continuing interest rates remain so low, ownership is extremely affordable. Existing homeowners who sold their current properties purchased new residential homes and first-time buyers continue to be confident in entering the real estate market. The long term investment of buying real estate is a stable and valuable one.
The average sold price for a Greater Toronto Area residential home for sale was $579,834, a rise of 7.6% compared to $538,755 for the same time period last year. And as been all this year, detached residential homes for sale were at the forefront of year-over-year growth in price, both in Toronto's core and the surrounding regions.
Low rise homes continued to reflect a "Seller's" market during the first half of November. Buyer's still had to compete in many neighbourhoods for the limited supply of detached, semi-detached and townhouses for sale. This is indicative of why the annual price growth rates for these residential homes for sale have remained high.