The Greater Toronto Realtors reported 3,379 transactions made in the first two weeks of November through the MLS system, up 13% from the same period a year earlier.
New listings were up 16% over that same period.
“Low rates, coupled with the consensus outlook for continued economic growth next year, suggest that homes will remain affordable in the GTA and households will remain confident in doing deals,” said the Toronto board’s senior manager of market analysis, Jason Mercer.
He predicted the average selling price will reach $485,000 next year, which is less than 1% above the current average residential price in the GTA of $481,548.
Average home prices are slightly down, however, due to a slip in the average condo price. The average condo in the GTA was priced at $367,715 in October, compared to $361,461 in the first two weeks of November – a 1.7% drop.
Overall, the Toronto market continues to favour buyers, said Toronto Real Estate Board President Richard Silver.
“The results for the first two weeks of November point to two important facts,” he said. “First, despite global economic uncertainty, buyers have remained confident in the affordable housing market in the GTA. Second, stronger growth in new listings means that it is becoming easier for buyers to find a home that meets their needs.”
As with many real estate boards nationally, the Toronto board does not expect much variation in sales or prices through next year. That’s in part because interest rates are expected to remain near today's low range.
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