The record pace of home sales continued with 8,766 sales reported during November by GTA Realtors® through the Toronto Regional Real Estate Board’s (TRREB) MLS® System. This result represents a 24.3 % in the number of transactions compared to last November. The average selling price for all home types within the GTA was up again, by 13.3% reaching $955,615.
The large increases in both the number of transactions and the average sale price are fueled by record-low mortgage rates (approximately 1.9% for a 5 year term) and demand that continues to outpace supply.
Within Durham Region, the local real estate board (DRAR) reported 1,088 residential transactions during November, representing a 25% increase from the same month last year. The average selling price in Durham Region reached $762,436, which is 19% higher than the average sale price recorded last November.
Competition between buyers was remains strong at all price levels. It is very common to see listings in Durham Region sell for $75,000-100,000 over the asking price. Many listings priced below $599,900 attract 10-20 offers, while houses priced below $900,000 may receive 5-10 offers.
If you are thinking of a move and want to take advantage of surging real estate values, please contact me. I’ll give you sound, experienced advice. If you chose to sell, my staging services, digital marketing and social media promotions will get you plenty of exposure, ensuring you achieve a fantastic sale price.