Toronto's home sales showed best results for the month of November compared to last year, while Vancouver's home sales almost broke the record for the same month despite the traditional year-end decline for home listings.
A record of 7,385 home sales in November 2015 was reported by the Toronto Real Estate Board. This record shows 14 percent increase compared to the previous year. The total home sales was 96,401 for the first 11 months of 2015.
"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 home sales in the TREB market area, eclipsing the previous record set in 2007," said Mark McLean, the President of Toronto Real Estate Board. "Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding regions. This suggests that the demand for ownership housing is widespread, from first-time buyers to long-time homeowners across the GTA."
On the other hand, Metro Vancouver, according to the Real Estate Board of Greater Vancouver (REBGV), has reached 3,524 residential property sales on the Multiple Listing Service® (MLS®) for the month of November. There were 2,516 sales recorded last year for the same month, indicating a 40.1 percent year-on-year gain. Yet, compared to October 2015 record sales of 3,646, last month's record shows a 3.3 percent decrease.
Darcy McLeod, the president of Real Estate Board of Greater Vancouver, said that November is usually one of the quietest months every year for the housing market, but this year is an exception. "The ratio of sales to home's available for sale reached 44 per cent in November, which is the highest it's been in our market in nine years," he added.
In November 2015, the MLS® Home Price Index (HPI) Composite Benchmark for Toronto and Metro Vancouver both increased by 10.3 percent and 17.8 percent compared to November 2014, respectively.
Jason Mercer, Director of Market Analysis of Toronto Real Estate Board, and Mr. McLeod both talked about the demands in the housing market.
"Demand for ownership housing has remained strong in the GTA throughout 2015, with sales generally increasing at a greater annual rate compared to new listings," Mercer said. "This means that competition between buyers has strengthened in many neighbourhoods in the City of Toronto and surrounding regions. The end result has been upward pressure on home prices well above the rate of inflation in most cases," he added.
McLeod stated, "Demand remains strong and there are housing options at different price points throughout the region. It's important to work with your REALTOR® to understand your options before you embark on your home buying journey."
