November 2019 GTA SUPPLY down Prices UP

 TREB's MLS®  in November 2019 reported 7,090 sales , a 14.2 per cent increase compared to November 2018.While SUPPLY was with new listings down 17.9 per cent year-over-year and active listings down 27.2 per cent.. With demand up  and supply down prices go up !
The average selling price increased by 7.1 per cent year-over-year to $843,637. Both the MLS® HPI and the average selling price for the TREB market area as a whole experienced the strongest annual rates of price growth for the year in November.
Strong population growth in the GTA coupled with declining negotiated mortgage rates resulted in sales accounting for a greater share of listings in November and throughout the second half of 2019. Increased competition between buyers has resulted in an acceleration in price growth. Expect the rate of price growth to increase further if we see no relief on the listings supply front," said Jason Mercer, TREB's Chief Market Analyst.