Toronto home sales up 14.2% in November, prices see highest gains of the year

Toronto home sales in November rose 14.2 per cent from a year ago while home prices saw their strongest growth for the year.

The Toronto Real Estate Board says there were 7,090 home sales in the month as sales rose in all major market segments.

The board says strong population growth and declining mortgage rates helped push up sales and competition between buyers.

Sales rose as listings continued to drop, with new listings down 17.9 per cent year-over-year and active listings down 27.2 per cent.

The higher activity mixed with fewer listings put upward pressure on prices. The average selling price for the month was up 7.1 per cent from last year to $843,637, while the board’s composite benchmark price increased by 6.8 per cent.

Detached home sales rose 23.8 per cent from a year ago and the average price rose 3.5 per cent to $1.04 million. Condo sales were up one per cent from a year ago and the average price rose 11.1 per cent to $617,658.

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