The Toronto Real Estate Board 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 TorontoArea, buyers continued to get deals done last month. Households remain upbeat abouthome ownership because monthly mortgage payments remain affordable relative to accepted lending standards.
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 strong average price growth experienced throughout 2014 has been fundamentally
sound, with demand high relative to supply. Strong competition between buyers has
exerted upward pressure on selling prices. Barring a substantial shift in the relationship
between sales and listings in the GTA, price growth is expected to continue through 2015,”
said Jason Mercer, TREB’s Director of Market Analysis.
Newmarket Real Estate is continuing to move ahead with the rest of GTA areas
Limited supply of homes in Newmarket drives the demand and prices up.
See the chart below:
Call us if you are thinking to sell your home in Newmarket during holiday season, we have a few qualified buyers ready to purchase your home today.
Best Regards,
The Nikolay and Tatiana Team
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