November's First Half Shows Residential Home Sales and Prices Continue To Rise

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.