The Toronto Regional Real Estate Board said 5,875 homes were sold in November throughout the Greater Toronto Area, up 40.1 per cent compared with 4,194 in the same month last year.The average selling price rose 2.6 per cent compared with a year earlier to $1,106,050.
The Greater Toronto Area's home sales figures for November were in line with trends seen in other major cities, particularly Vancouver. The real estate board in that region said the number of homes that changed hands last month increased 28.1 per cent on a year-over-year basis. Vy Ngo, a sales representative with Big City Realty Inc. Brokerage, said the Bank of Canada's half-percentage point rate cut on Oct. 23 was the turning point the market had been waiting for.
"In contrast, the condominium apartment segment continued to experience lower average selling prices compared to a year ago. Condo buyers are benefitting from a lot of choice and therefore negotiating power," he said in a press release. That was led by townhouses with 46 per cent more sales, followed by detached homes at 43.9 per cent and condos at 36.3 per cent. There were 24.9 per cent more semi-detached homes that changed hands year-over-year.