The 7,313 home sales reported by the Toronto Real Estate Board last month were not only a record for any November in history, but for year-to-date sales. 88,695 sales breaks the previous record of 84,145 set in 2005, and there is still one month to go in 2007.
The number of homes sold in November climbed by 16.45% compared to the same month last year. The average sales price for a home jumped by almost $40K over last year's number to $393,747. Houses were on the market for an average of 32 days last month with a list-to-sale ratio of 98%.
The Toronto Real Estate Board (which covers Toronto and the GTA) is on track to sell over 90,000 homes by the end of this year.