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
Pearson gold heist suspect arrested after flying into Toronto from India
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Justin and Hailey Bieber are expecting their first child together
Hailey and Justin Bieber are going to be parents. The couple announced the news on Thursday on Instagram, both sharing a video that showcases Hailey Bieber's growing belly.
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
B.C. man used Bobcat as 'weapon' while chasing away homeless people, judge says
A B.C. man has been convicted of assault with a weapon after using a skid-steer Bobcat to chase two homeless people from his lawn, injuring one of them in the process.
Debate on abortion rights erupts on Parliament Hill, Poilievre vows he won't legislate
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Miss Teen USA steps down just days after Miss USA's resignation
Miss Teen USA resigned Wednesday, sending further shock waves through the pageant community just days after Miss USA said she would relinquish her crown.
'Nobody should be getting away with murder': Grieving mother speaks out after son killed in North Preston, N.S.
A grieving mother is speaking out after her 36-year-old son was shot and killed in North Preston, N.S., Wednesday night.
Toronto-area dessert shop featured by Keith Lee forced to move after zoning complaint
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.