TRREB’s November GTA Data.

The fall Toronto real estate market in its traditional sense means that the activity on usually tapers off after mid November. As you guessed it, this wasn’t the case this November where the prices crushed a new TREB record.

Here is how the Toronto real estate market performed for the entire GTA in November 2021 (averaged out across all asset types):

• SALES: +3.3% year over year
• HOMES SOLD: 9017 – a lot of which were condos within Toronto and GTA (condos have become a hot commodity again)
• NEW LISTINGS: -13.2%
• AVERAGE SALE PRICE: $1,163,323
• YEAR OVER YEAR PRICE INCREASE: +21.7%
• SALES TO NEW LISTINGS RATIO: 89%

The sellers are still hesitant to list their homes, despite the fact that the prices rose dramatically during the pandemic. This is perhaps due to the fact that the prices are increasing in the GTA at an extremely rapid pace and costs of moving is becoming steeper with each month that passes. Selling your abode in the City of Toronto and moving to the GTA, for example, is not an easy fit as it used to be before the pandemic.

Toronto condos are outperforming all other asset types

Condos are flying off the shelves with a renewed vigor of first time home buyers, investors and downsizers who are moving back into this market segment. In fact, this is the only market segment that is currently experiencing a year over year increase in sales:

• SALES: +41% year over year
• AVERAGE SALE PRICE: $715,105
• YEAR OVER YEAR PRICE INCREASE: +18%

What does future hold for the Toronto real estate market in the new year?

The renewed immigration is looking to add 800,000 new Canadians into the country within the span of the next 2 years. It is clear that we need real solutions and assistance from the government with removing obstacles for developers to add housing.

TRREB President Kevin Crigger stated in board’s release: “Governments at all levels must take coordinated action to increase supply in the immediate term to begin addressing the supply challenges of today, and to work towards satisfying growing demand in the future. The GTA remains the primary destination for new immigrants and is at the centre of the Canadian economy. For far too long, governments have focused on short-term bandaid policies to artificially suppress demand. Current market activity highlights decisively that these policies do not work, and unless governments work together to cut red tape, streamline the approval processes, and incentivize mid-density housing, ongoing housing affordability challenges will escalate.”

It is hard not to agree with Kevin. In the meantime, if you are looking to buy or sell in the next year, there is a lot you need to know. I will love to chat on anything real estate related, contact me below and let’s devise a fool-proof strategy on securing the best deal for you.