TORONTO, Nov 18, 2013 — Greater Toronto Area

TORONTO, Nov 18, 2013 — Greater Toronto Area REALTORS reported 3,131 home transactions through the TorontoMLS system in the first two weeks of Nov 2013. This result represented a 21 % year-over-year increase compared with 2,582 sales reported in the same timeframe in 2012. Over the same period, new listings were down by more than four %.

"The results for mid-November suggest that GTA homes remain happy with the costs of home possession," claimed Toronto Real Estate Board President Dianne Usher. "If not for the persistent shortage of listings for most home types, we would probably be experiencing an even higher level of sales as more purchasers would be well placed to make a deal on a home meeting their wants."

The average selling price for November 2013 mid-month transactions was $538,708, representing an Eleven percent increase compared with $485,988 in 2012.

"More consumers competing for a smaller number of listings has interpreted into an accelerating speed of price growth. Nevertheless it is vital to notice that the condominium residence market has additionally become tighter," said Jason Mercer, TREB’s Senior Manager of Market Research.