Things are competitive, to say the least.
Owners looking to sell their homes, especially in
neighbourhoods in the city that feature nearby schools and access to transit
are getting well above asking in many cases, and have often seen multiple
offers during the bidding process.
TREB’s monthly release reported 6,391 sales through MLS in
November, an increase of 13.9 percent over the same period in 2012. Adding to the high competition is the
fact that new listings were down by 4.4 percent.
“Growth in sales was strong for most home types in the
Greater Toronto Area. Sales growth
was led by the single-detached market segment followed by condominium
apartments. Together, singles and
condos accounted for almost three-quarters of total GTA transactions,” said
Toronto Real Estate Board President Dianne Usher.
As most would expect, the increased activity and decreased
inventory has led to all-time value for those placing their home on the
market. The average price of MLS
transactions in 2013 was $538,881, an increase of 11.3 percent from $484,208 in
November 2012.
Even during a
period that traditionally sees a slowdown in activity, sale price and total
transactions have seen a significant increase and could remain that way over
the next month. Owners that have
been considering placing their homes on the market but were wary of a seasonal
slowdown would do well to enter the market during this time. Despite the proximity to the holiday
season, plenty of buyers are still in the market and looking to find something
sooner rather than later.
