GTA home sales hit new November record while listings drop

Home sales reached a new record for the month of November and the average selling price also reached a new all-time high. New listings were down substantially compared to last year for all market segments – further highlighting the inherent supply issue across all home types in the Greater Toronto Area.

GTA Realtors reported 9,017 home sales through TRREB’s MLS® System in November 2021 – 3.3% above the November 2020 result, setting a new record. In contrast, new listings were down by 13.2% year-over-year, with double-digit declines for low-rise home types, and condominium apartments.

“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. On this point, we commend the City of Toronto for moving forward with initiatives to facilitate the creation of more mid-density home types, including their current consultations on options to encourage more multiplex development across the city."

- TRREB President Kevin Crigger.

At a glance: October 2021 Toronto + GTA real estate statistics

What’s going to happen in December 2021?

Toronto is in a strong seller's market. We are barely seeing enough new inventory hit the market to keep up with the level of sales. This points towards prices rising again, despite the fact that prices almost never go up in December! It’s been a mixed result for our predictive ability this year, but based on the stats we’re seeing, we think we should see prices rise in Toronto in December, both for the market as a whole and the condo market as well.

If you have any questions or would like more information on recent home sales in your neighbourhood, don't hesitate to get in touch.

Suzanne Lewis
Sales Representative
416.856.1937
suzanne@suzannelewis.ca