TORONTO – The Greater Toronto area’s heated real estate market intensified further last month as home sales peaked in November and average selling prices reached a new record high.
The Toronto Regional Real Estate Board reported Friday that 9,017 homes changed hands last month, a three percent increase from 8,728 the previous November.
The average house price in the region stretched to $ 1,163,323, a jump of almost 22 percent from $ 955,889 in November 2020.
The board said the figures show that demand for all types of housing in the region continues to exceed supply, but especially the apartment market is tightening and prices are accelerating faster in suburbs.
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Realtors and real estate organizations have long attributed the market’s heated conditions to a lack of home furnishings, but during the COVID-19 pandemic, they also noted that the combination of low interest rates, favorable mortgage terms and the ability to work from home was also driving buyers.
They say many are sad to enter the market this year before prices rise even higher and people switch back to working from offices and other facilities again.
“This is talking about the expansion of the economic recovery, with first-time buyers moving back to the market in a big way this year,” TRREB chief market analyst Jason Mercer said in a statement.
“The condominium and townhouse segments, with lower price levels on average, will remain popular as population growth picks up over the next two years.”
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Last month, TRREB reported that the average condominium price in the region reached $ 715,104, while detached houses totaled more than $ 1.5 million and townhouses went for about $ 962,044.
Average prices in 416 _ a nickname for the city of Toronto that excludes its suburbs _ topped all regional averages with detached houses reaching more than $ 1.8 million, townhouses reaching $ 981,759 and $ 745,951 for condominiums.
In suburbs of GTA, known as 905, the average price was more than $ 1.4 million for a detached house, $ 955,010 for a townhouse and $ 646,211 for a condominium.
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But across all housing categories, there were fewer homes on the market than in November last year, when the end of the year brought lockdowns and delivered an unexpected increase in home sales.
New listings fell 13 percent to 10,036 last month from 11,556 in November 2020.
© 2021 The Canadian Press
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