It was a record month for the average selling price for detached, semi-detached and condo Toronto market segments, and active listings continue to produce double digit declines vs. November 2020, but also for the fifth straight month.
These trends highlight the continuing supply-issue In Toronto, which is mirrored across all home types in the GTA. TRREB President Kevin Crigger recently said “The GTA remains the primary destination for new immigrants, and is at the centre of the Canadian economy” The low supply issue is not transient and demand will persist. The City of Toronto took a step in the right direction by moving forward with initiatives to facilitate the creation of more mid-density home types.
“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. The condo and townhouse segments, with lower price points on average, will remain popular as population growth picks up over the next two years,” said TRREB Chief Market Analyst Jason Mercer.
Selling prices in Toronto for all major home types were in the double digits with average selling prices for detached houses [+22%], semi-detached houses [+23%], townhouses [+20%], and condos [+17%] vs. November 2020.
Looking to buy or sell a home in Toronto? Average prices in November were: