November 2015 home sales in Toronto shatter annual record

Toronto saw a record-breaking month for home sales in November, according to a CTV News report.

Almost 7,4000 homes were sold in the Toronto area in November, breaking the previous sales record for the month. November sales also pushed total sales for 2015 high enough to break the annual sales record set in 2007 – with one month left to go in the year.

About 900 more homes were sold in November of 2015 than in November of 2014, CTV reported. And with a month of sales left in the year, 96,401 homes have been sold in the Greater Toronto Area so far in 2015. The previous record of 93,193 homes was set in 2007.

“Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding regions,” said Mark McLean, president of the Toronto Real Estate Board. “This suggests that the demand for ownership housing is widespread, from first-time buyers to longtime homeowners across the GTA.”

The average home price was also up, rising from $577,502 last November to $632,685 last month, CTV reported. Condominiums made up the majority of residences sold in the City of Toronto at 1,351 units. Nine hundred detached homes were sold, along with 297 semi-detached homes and 298 townhomes.

Meanwhile, most residences sold outside the city were detached homes, with 2,550 sales recorded for the month, according to CTV. Also sold were 851 townhomes, 573 condos and 764 semi-detached homes.

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