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Toronto real estate in November

The GTA set a new record for home sales in November, catapulting the region to a new annual sales record — and there’s still a month of frantic house hunting to go before 2015 is even over.

Some 7,385 houses and highrise condos changed hands in November, up 14 per cent year over year, according to figures released by the Toronto Real Estate Board Thursday.

The average sale price of a home — stand-alone houses and condos combined — climbed to $632,685 in November, up 9.6 per cent from a year earlier, says TREB. The MLS composite benchmark price, which factors out sales at the extreme ends of the spectrum, climbed by 10.3 per cent.

That record November brought sales so far this year to 96,401 homes across the GTA — shattering the previous sales record of 93,193 for all of 2007, set before the recession knocked the steam out of Canada’s real estate market.

Since then, it’s been an unrelenting climb back, with bidding wars and bully bids now almost a given for stand-alone houses — and even some condos — across the sought-after City of Toronto and booming regions within a relatively easy commute of the core, such as York and Durham.

“Demand for ownership housing has remained strong in the GTA throughout 2015, with sales generally increasing at a greater annual rate compared to new listings,” said Jason Mercer, TREB’s director of market analysis, in a statement. 

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