A total of 7,385 homes were sold in the Greater Toronto area last month, 14% higher than last year and an all-time record for the month of November. With one month still to go, we have already set a new calendar year record for home sales, topping the previous record set in 2007. If you were buying or selling a home in 2007, you might remember that sales were artificially boosted toward the end of the year as many buyers were in a hurry to purchase before the end of 2007 to avoid the hated Toronto Land Transfer Tax (aka, the “Miller Tax”) which came into effect in early 2008 – so the volume of sales in 2015 is especially impressive. Year-over-year sales were higher in all property types (detached, semi-detached, townhouses, and condos) in the both the City of Toronto and the surrounding ‘905’ regions.
Prices also remained very strong; the average selling price of $622,943 was 9.5% higher than November, 2014, and slightly higher than the previous month. Even condo apartment prices are still strong, about 4% higher than last year.
The inventory of homes for sale actually fell slightly from October to November (it usually increases at this time of year), and has been at or under 2 months’ supply 9 out of 11 months this year. This is truly an extreme sellers’ market, with fewer and fewer homes for sale at any given time despite increasing numbers of homes being listed and sold.
It hardly seems possible that the Toronto area market could find an even higher gear, but that’s exactly what seems to be happening. All the signs continue to point to a very hot spring market next year.