Toronto region home sales top November record, prices reach all-time high: TRREB
The Greater Toronto Area's heated real estate market further intensified last month as home sales topped a November record and average selling prices reached a new all-time high.
The Toronto Regional Real Estate Board reported Friday that 9,017 homes changed hands last month, up three per cent from 8,728 during the prior November.
The average home price in the region stretched to $1,163,323, an almost 22 per cent jump from $955,889 in November 2020.
The board said the figures show demand for all types of housing in the region is continuing to outpace supply, but the condo market, in particular, is tightening and prices are accelerating more rapidly in suburban areas.
Brokers and real estate organizations have long attributed the market's heated conditions to a lack of housing inventory, but during the COVID-19 pandemic, they have also noted that the combination of low interest rates, favourable mortgage terms and the ability to work from home were also driving buyers.
They say many are antsy to get into the market this year, before prices rise even higher and people shift back to working from offices and other facilities again.
"This speaks to the broadening of economic recovery, with first-time buyers moving back into the market in a big way this year," said TRREB's chief market analyst Jason Mercer, in a release.
"The condo and townhouse segments, with lower price points on average, will remain popular as population growth picks up over the next two years."
Last month, TRREB reported the average condo price in the region reached $715,104, while detached homes rang in at more than $1.5 million and townhouses went for about $962,044.
Average prices in the 416 -- a nickname for the city of Toronto that excludes its suburbs -- topped all of the regional averages with detached homes reaching more than $1.8 million, townhouses hitting $981,759 and $745,951 for condos.
In suburban regions of the GTA, known as the 905, the average price was more than $1.4 million for a detached home, $955,010 for a townhouse and $646,211 for a condo.
But across all housing categories there were fewer homes on the market than last November, when the end of the year brought lockdowns and delivered an unexpected spike in home sales.
New listings fell by 13 per cent to 10,036 last month from 11,556 in November 2020.
This report by The Canadian Press was first published Dec. 3, 2021.
CTVNews.ca Top Stories
Stormy Daniels describes meeting Trump during occasionally graphic testimony in hush money trial
With Donald Trump sitting just feet away, Stormy Daniels testified Tuesday at the former president's hush money trial about a sexual encounter the porn actor says they had in 2006 that resulted in her being paid to keep silent during the presidential race 10 years later.
Indian envoy warns of 'big red line,' days after charges laid in Nijjar case
India's envoy to Canada insists relations between the two countries are positive overall, despite what he describes as 'a lot of noise.'
Susan Buckner, who played spirited cheerleader Patty Simcox in 'Grease,' dead at 72
Susan Buckner, best known for playing peppy Rydell High School cheerleader Patty Simcox in the 1978 classic movie musical 'Grease,' has died. She was 72.
Former homicide detective explains how police will investigate shooting outside Drake's Bridle Path mansion
Footage from dozens of security cameras in the area of Drake’s Bridle Path mansion could be the key to identifying the suspect responsible for shooting and seriously injuring a security guard outside the rapper’s sprawling home early Tuesday morning, a former Toronto homicide detective says.
Jeremy Skibicki has 'uphill battle' to prove he's not criminally responsible in Winnipeg killings: legal analysts
Accused killer Jeremy Skibicki could have a challenging time convincing a judge that he is not criminally responsible for the deaths of four Indigenous women, a legal analyst says.
Alcohol believed to be a factor in boating incident after 2 men die: N.S. RCMP
Two Nova Scotia men are dead after a boat they were travelling in sank in the Annapolis River in Granville Centre, N.S., on Monday.
Northern Ont. woman makes 'eggstraordinary' find
A chicken farmer near Mattawa made an 'eggstraordinary' find Friday morning when she discovered one of her hens laid an egg close to three times the size of an average large chicken egg.
Bye-bye bag fee: Calgary repeals single-use bylaw
A Calgary bylaw requiring businesses to charge a minimum bag fee and only provide single-use items when requested has officially been tossed.
CFL suspends Argos QB Chad Kelly at least nine games following investigation
The CFL suspended Toronto Argonauts quarterback Chad Kelly for at least nine regular-season games Tuesday following its investigation into a lawsuit filed by a former strength-and-conditioning coach against both the player and club.