November Market Report

Hard to believe we're almost at the end of the year! Wrapping up the fall market with a roundup of what went on in November, starting with record home prices (as a surprise to no one) led by the low rise market.

Hard to believe we're almost at the end of the year! Wrapping up the fall market with a roundup of what went on in November, starting with record home prices (as a surprise to no one) led by the low rise market.

Sales numbers in detached, semis, and towns were either down or experienced only a small increase, however, average sale prices in all of those segments saw an average price increase of 19% or more. On the other hand, condo sales were up by 44% in Toronto and 36% in the 905 regions - it looks like no matter how you spin it, the demand for real estate in our market is steady and not going anywhere anytime soon. "A key difference this year compared to last is how the condo segment continues to tighten and experience an acceleration in price growth, particularly in suburban areas. This speaks to the broadening of economic recovery, with first-time buyers moving back into the market in a big way this year" says TRREB Chief Market Analyst Jason Mercer.

The MLS Home Price Index composite benchmark was up by 28% year-over-year in November 2021. The average selling price for all home types combined in the GTA overall was $1,163,323, which is an increase of 21.7% compared to November 2020.

View the full report here.