Housing Market in the GTA – November

By Elli Davis, December 20, 2011

Toronto Ivy House by havent the slightest

The fall months seem to have been a greatly successful with regard to the housing market in the Greater Toronto Area. November did not disappoint. On the contrary, it was all about increases! Not only did the number of homes sold through the Toronto MLS® system go up by more than 10 per cent over the year, but also new listings and, once again, prices did not fall behind.

Home sales rose from the November 2010 levels of 6,384 to 7,092 last month, showing an increase of a very solid 11 per cent. The number of new listings increased even more rapidly, rising to 14 per cent higher than in November of 2010. Prices also went up at a slightly less strong, but noticeable, pace, growing from the $437,494 seen last November to the $480,421 reported this past month.

Even though ever-increasing prices do not quite fit into the ideal housing scheme for buyers, as Jason Mercer, TREB’s Senior Manager of Market Analysis, pointed out, in spite of all that, “the housing market remains affordable in the GTA.”

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