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Toronto house prices’ heady gains expected to continue into 2015

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Canada’s largest housing market continues to show price gains which the Toronto Real Estate Board says will continue into 2015.

The board said the average sale price in November was $577,936, a 7.4% increase from a year ago.

Year-to-date prices are up 8.4% to an averaimagege of $567,198.

Related Great news coming if you’re renewing a mortgage, you’re about to save money Black Friday mortgage specials see rates dip close to historic lows How to co-buy a home with your friend in Canada’s expensive market “The robust average price growth experienced throughout 2014 has been fundamentally sound, with demand high relative to supply. Strong competition between buyers has exerted upward pressure on selling prices. Barring a substantial shift in the relationship between sales and listings in the GTA, price growth is expected to continue through 2015,” said Jason Mercer, TREB’s director of Market Analysis, in a statement.

Sales across the Greater Toronto Area climbed 2.6% from a year ago to 6,519. For the first 11 months of 2014 there were 88,462 sales — a 6.6% jump from the same period in 2013.

“Even with a constrained supply of homes for sale in many parts of the Greater Toronto Area, buyers continued to get deals done last month. Households remain upbeat about home ownership because monthly mortgage payments remain affordable relative to accepted lending standards. This is coupled with the fact that housing has proven to be a quality long-term investment,” said Paul Etherington, president of the board, in a statement. LATEST PERSONAL FINANCE VIDEOS

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