(Toronto) The overheating of the Greater Toronto Area real estate market intensified last month, as home sales hit a November record and average selling prices hit a new all-time high.
A total of 9,017 homes changed owners last month, a 3% increase from 8,728 in November last year, the area’s real estate board said.
The average price of homes in the region was $ 1,163,323, a jump of almost 22% from that of $ 955,889 in November 2020.
According to the real estate board, figures show that demand for all types of housing in the region continues to exceed supply, but the condominium market, in particular, is tightening and price increases are accelerating faster in suburban areas. .
Brokers and real estate organizations have long attributed difficult market conditions to a lack of homes for sale, but during the COVID-19 pandemic, they also noted that the combination of low interest rates, favorable mortgage conditions and the ability to work from home had also fueled the appetite of buyers.
They note that several buyers are eager to enter the market this year, before prices increase even more and people return to working in their offices or other facilities.
“This is a testament to the widening economic recovery, with early buyers returning to the market significantly this year,” GTA Real Estate Board chief market analyst Jason Mercer said in a statement.
“The condominium and townhouse segments, with lower prices on average, will remain popular as population growth accelerates over the next two years. ”
The real estate board reported that the average price of condominiums in the area reached $ 715,104 last month, while that of single-family homes reached over 1.5 million. Row houses cost an average of around $ 962,044.
Average prices in the city of Toronto itself exceeded all regional averages. The price of single-family homes rose to over 1.8 million, while the average price of townhouses climbed to $ 981,759 and condominiums to $ 745,951.
In the suburbs of the metropolis, the average price was over 1.4 million for a single-family home, $ 955,010 for a townhouse, and $ 646,211 for a condominium.
But across all housing categories, there were fewer homes on the market than in November 2020, when the end of the year saw further lockdowns and an unexpected spike in home sales.
New registrations fell 13% to 10,036 last month, from 11,556 in November 2020.