Written by Posted On Monday, 28 December 2015 16:16

The GTA set another record for home sales in November, catapulting the area to another yearly sales record — there's still a month of wild-eyed house chasing to go before 2015 is even over.

Somewhere in the range of 7,385 houses and high-rise apartments changed hands in November, up 14 percent from last year, as indicated by figures discharged by the Toronto Real Estate Board.

The locale remained a sellers' market this year with sales up 8% more than 2014.

The average price of a single family home is $804,079, and popularity and low supply are required to support that figure another 5% one year from now. Here are some fascinating reports on the GTA real estate market:


First-time homebuyers in Toronto in most cases entered the condominium market in 2015, so that they could live in the city center at a less costly price. The RE/MAX projection says price increases for single family homes outpaced those in the condo market, making it difficult for condo proprietors to trade up. Many deluxe luxury homes were sold to local move-up customers not to mention buyers from China and the Middle East.


Houses in high-demand areas, such as Erin Mills, quite often got multiple offers, which was not the case a few years ago. First-time buyers in Mississauga were mostly families leaving Toronto or new immigrants who tend to buy town homes and semi-detached houses in the range of $ 500,000. Prices are expected to jump by 6% in 2016.


Brampton is viewed as a very good market for first-time buyers in the GTA, with an average price of $488,300. Numerous millennia’s are living with folks or leasing as they spare and sit tight for a good deal so they can enter the market. Young buyers tend to buy apartment condos in the growing downtown areas.

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Mo Loulou

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