Despite an unprecedented year due to COVID-19, including necessary public health restrictions and uncertainty surrounding the economy, Greater Toronto Area REALTORS® reported over 95,000 home
Prices up 13.3% and Sales up 24.3% Across Greater Toronto in November
Dated: January 29 2021
The record pace of home sales in the fall continued with 8,766 sales reported in November by Greater Toronto Area REALTORS® through the Toronto Regional Real Estate Board’s (TRREB) MLS® System. This result was up by 24.3 per cent compared to November of last year.
Generally speaking, year-over-year growth in sales was stronger for single-family homes in the GTA regions surrounding the City of Toronto, but annual single-family growth rates remained robust in the ‘416’ area code as well.
“Home buyers continued to take advantage of very low borrowing costs in November, especially those looking to buy some form of single-family home. Competition between buyers for ground-oriented homes has been extremely strong in many neighbourhoods throughout the GTA, which has continued to support double-digit annual rates of price growth,” said Lisa Patel, TRREB President.
The MLS® HPI Composite Benchmark was up by 10.6 per cent in November 2020 compared to November 2019. The average selling price for all home types combined was up by 13.3 per cent to $955,615.
Market conditions tightened in many single-family market segments in November, resulting in double-digit year-over-year increases in average selling prices for detached houses, semi-detached houses and townhouses.
In contrast to the single-family market segments, buyers continued to benefit from much more choice in the condominium apartment market compared to last year, particularly in the City of Toronto. The number of new condominium apartment listings in November was almost double that reported in November of last year. More options in the condo apartment market translated into a small year-over-year decline in the average condominium apartment selling price in the ‘416’ area code.
“The condominium apartment market is certainly more balanced than in previous years, with some buyers benefitting from lower selling prices compared to last year. However, this may be somewhat of a short-term phenomenon. Once we move into the post-COVID period, we will start to see a resumption of population growth, both from immigration and a return of non-permanent residents. This will lead to an increase in demand for condominium apartments in the ownership and rental markets,” said Jason Mercer, TRREB Chief Market Analyst.
CLICK HERE to download the full November 2020 Toronto Regional Real Estate Board Market Update.
About the Toronto Regional Real Estate Board
The Toronto Regional Real Estate Board was founded in 1920 by a small group of real estate practitioners. Today, as Canada's largest real estate board, TREB serves more than 56,000 Members.
Toronto Regional Real Estate Board REALTORS® are passionate about their work. They're highly trained experts who have all the tools and skills to help you buy or sell your home.
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About Akbar Mubarak
My relationship approach to real estate is what my clients love and what differentiates me from the rest. I take the time to listen to and communicate with you to identify your needs and wants and to help you focus on both the business and the emotional issues that are important to you. We will make the whole process smooth, fun and memorable.
I am as passionate about helping first-time buyers or relocating families find their first home in the neighbourhood as I am about helping repeat clients and investors fulfill their goals. Having lived in the Toronto area for many years, I am intimately familiar with the Annex, Yorkville, Dufferin Grove, Harbor Front, Distillery District and surrounding areas as these are the neighborhoods where I have lived, owned property, work and play, but if you have another area of interest in the GTA, let’s talk!
A strong negotiator and experienced marketer, I work both hard and smart to provide you with the right information to make you feel comfortable in making an informed and feel good decision. I have a keen eye for design and decorating, and can quickly see a home's potential that may have been overlooked. I am often able to suggest small changes that can have a big impact on both buyers and sellers looking to get the most value for their home.
As your loyal and dedicated real estate agent I can provide you with a full level of services and be confident with the idea of being knowledgeable, ethical and transparent. I take great pride in the speed and accuracy of my work. The referral of your friends and family is the greatest complement you can give me. Thank you for your trust. Looking forward to working with you!
My relationship approach to real estate is what my clients love and what differentiates me from the rest. I take the time to listen to and communicate with you to identify your needs and wants and to ....
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