Dec 10 | Posted by Barry Cohen

One month to go in 2015 and the real estate market in the GTA continues to set and break records. The weather has been co-operating, and perhaps the federal election results have people feeling optimistic, but no matter how you look at it this market is hot. Members of the Toronto Real Estate Board reported 7,385 home sales through the Board’s MLS system, a whopping increase of 14% over November 2014 sales and representing the best result on record for the month of November. With a month still to go, we will see the 100,000 sales mark surpassed, as Toronto area realtors have already recorded 96,401 sales thus far. 

TREB President, Mark McLean had this to say in his recent press release “Not only did we see a record sales result for November, but with one month left to go in 2015 we have already set a new calendar year record for homes sales in the TREB market area, eclipsing the previous record set in 2007.   Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and the surrounding regions.  This suggests that the demand for ownership housing is widespread, from first-time buyers to long-time homeowners across the GTA”.

Average home prices were up by 9.6%, well above the rate of inflation, partly generated because sales continue to outpace new listings, which has increased competition in many neighbourhoods. Once again, low-rise home types including detached, semi-detached and townhouses were in the highest demand and as a result showed the largest increases in annual price growth.

The average price for a detached home across the GTA was $829,241 and accounted for 3,451 in sales.  1,924 apartment style condominiums changed hands last month with an average selling price of $385,506.  The average number of days a home stays for sale was at a very low 26 days turnover time last month.

There was a time when December was a slow time in real estate, but I don’t see that happening this year.  If you are thinking of waiting until the spring to list your GTA property, I would recommend that you get it on the market now to take advantage of the large number of qualified and enthusiastic buyers, and record-breaking housing prices.  I would be happy to provide you with an accurate, professional assessment of your home’s current market value, answer your questions and help you every step of the way to getting your home sold for the most money in the shortest amount of time, with the least hassle.