Dec 02, 2016
By Michael Kramer
They say “What goes up, must come down,” – except for housing prices it seems.
The GTA real estate market continues to see strong sales volumes and higher prices in November – with the average selling price for all types of housing at $776,684.
That’s up 22.7 per cent over the same time last year – while the industry association’s home price index was up 20.3 per cent.
In the 416 area code, which includes the City of Toronto, prices were generally higher than in the 905.
A fully-detached house in the 416 was going for nearly $1.35 million – up 32.3 per cent from the same time last year.
And the comparable type of house in the 905 area had an average price of $957,517 – up 25.5 per cent.
A chronic shortage of property listings contributed to higher prices – and frustrated some would-be buyers.