Toronto home prices surge over 20% as 'frustrated' buyers face waning supply

Friday Dec 02nd, 2016

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Toronto home prices surge over 20% as 'frustrated' buyers face waning supply BNN.ca Staff A real estate sold sign hangs in front of a west-end Toronto property Friday, Nov. 4, 2016. A real estate sold sign hangs in front of a west-end Toronto property Friday, Nov. 4, 2016. , The Canadian Press/Graeme Roy Toronto home prices rose more than 20 per cent in November compared to the same period last year, as homebuyers faced a declining number of active listings, according to data released by the Toronto Real Estate Board on Friday. "Home buying activity remained strong across all market segments in November. However, many would-be home buyers continued to be frustrated by the lack of listings, as annual sales growth once again outstripped growth in new listings," TREB President Larry Cerqua said in a statement. It was a familiar set of circumstances in the month. The average selling price surged 22.7 per cent to $776,684 as active listings fell 35.8 per cent. Nonetheless, those two factors didn’t stymie committed buyers, as total sales in the Greater Toronto Area rose 16.5 per cent to 8,547 units.

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