Nearly 7,400 homes were sold in the Toronto area last month, breaking the previous sales record for the month of November and the annual sales record set in 2007.
A monthly report showed that 7,385 homes were sold in the Greater Toronto Area in November 2015, more than in any other November on record.
The report, published by the Toronto Real Estate Board on Thursday, showed that approximately 900 more homes were sold in November 2015 than November 2014.
The record-breaking month is consistent with trends seen in previous months this year. With a month of sales left, the GTA has already broken the annual record of homes sold, with 96,401 so far.
The previous record was set in 2007, when 93,193 homes were sold by the end of December.
"Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding regions. This suggests that the demand for ownership housing is widespread, from first-time buyers to long-time homeowners across the GTA," TREB President Mark McLean said in a statement.
In addition to the increase in homes sold, the average price has grown by $55,183 for the month of November. The average home price was $577,502 last November, compared to 632,685 in November 2015.
"Annual rates of average price growth for November and the first eleven months of 2015 were similar, with the strongest rates of increase being reported for low-rise home types, including detached and semi-detached houses and townhouses," the report said.
The majority of residences sold in the City of Toronto last month were condos, with 1,351 units sold. The report found 900 detached homes, 297 semi-detached and 298 townhouses were also sold.
Outside of the city, in the region designated by area code 905, the majority of properties sold were detached homes, with 2,550 sales recorded. The report found 851 townhouses, 573 condos and 764 semi-detached homes were also sold.
