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
Amid concerns over 'collateral damage' Trudeau, Freeland defend capital gains tax change
Facing pushback from physicians and businesspeople over the coming increase to the capital gains inclusion rate, Prime Minister Justin Trudeau and his deputy Chrystia Freeland are standing by their plan to target Canada's highest earners.
Bodies found by U.S. authorities searching for missing B.C. kayakers
United States authorities who have been searching for a pair of missing kayakers from British Columbia since the weekend have recovered two bodies in the nearby San Juan Islands of Washington state.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
'It's discriminatory': Individuals refused entry to Ontario legislature for wearing keffiyeh
Individuals being barred from entering Ontario’s legislature while wearing a keffiyeh say the garment is part of their cultural identity— and the only ones making it political are the politicians banning it.
Competition bureau finds 'substantial' anti-competitive effects with proposed Bunge-Viterra merger
The proposed merger of agricultural giants Viterra and Bunge is raising competition concerns from the federal government.
Douglas DC-4 plane with 2 people on board crashes into river outside Fairbanks, Alaska
A Douglas C-54 Skymaster airplane crashed into the Tanana River near Fairbanks on Tuesday, Alaska State Troopers said.
BREAKING Mounties will not be charged in shooting death of B.C. Indigenous man
Three Mounties in British Columbia will not face charges in the killing of a 38-year-old Indigenous man on Vancouver Island in 2021.
College students, inmates and a nun: A unique book club meets at one of America's largest jails
An unconventional book club inside one of America's largest jails brings college students and inmates together to tackle books that resonate with the mostly Black and Latino group members.
Canada's favourite sport to watch is hockey, survey shows
The 2024 Stanley Cup playoffs have already delivered a fever level of fan excitement in Canada.