Toronto home prices went up 22 per cent annually in November, 2021
Home prices hit another record average last month, soaring 22 per cent annually as the 9,017 transactions also marked a new November, 2021 sales high, says the Toronto Regional Real Estate Board (TRREB).
The average selling price for a resale house or condo rose to $1.16 million as this year’s shortage of listings persisted into the late fall, pushing up prices, the real estate board said on Thursday.
That compares to last November’s average of $955,889 and a month-over-month gain of about $8,000.
For the sixth consecutive month, new listings dropped on a year-over-year basis — down by 13.2 per cent in November. Real estate board officials have said that homeowners, who might otherwise consider listing their homes, are discouraged by the lack of choice and high prices at a time when the pandemic has pushed many people to seek bigger homes.
This year to date there have been 10,474 fewer homes listed on TRREB’s multiple listings service.
It’s an indication of how badly the GTA needs new housing supply, said the real estate board.
Board president Kevin Crigger said the market conditions are a call to action for all levels of government that have previously focused on policies to “artificially suppress” housing demand.
“Current market activity highlights decisively that these policies do not work,” he said.
“Unless governments work together to cut red tape, streamline the approval processes and incentivize mid-density housing, ongoing housing affordability challenges will escalate,” Crigger said.
He praised the city of Toronto’s “missing middle” housing initiatives, including the development of smaller apartment buildings in neighbourhoods that don’t currently allow them. Missing middle housing provides an alternative to single-family detached and semi-detached houses and highrises.
While detached, semi-detached and townhouses continued to see year-over-year price gains in the 30-per cent range in areas outside the city, this year the condo market is also getting tighter, pushing up prices, particularly in the suburbs, said TRREB chief market analyst Jason Mercer.
“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,” he said.
Condos sold for $646,211 in the 905 communities surrounding Toronto, a 21 per cent increase compared to last November. Prices also rose 16.5 per cent in the city of Toronto to an average $745,951.
Detached houses sold for 30 per cent more than a year ago, averaging $1.57 million regionwide. Detached houses in the city of Toronto were now selling for $1.8 million on average, a 22.3 per cent increase. In the 905 areas, detached homes sold for 32.7 per cent more than a year earlier — averaging $1.5 million.
Source: Toronto Star
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