The Toronto Regional Real Estate Board (TRREB) says home sales in the GTA are up nearly 25 percent from a year ago.
The November report from the board shows a continued record pace of home sales in the region with 8,766 home sales reported by GTA realtors. This number is up from 7,054 a year ago.
The average price for homes sold was $955,615, up 13.3 percent from a year ago. The average price of homes sold in November 2019 was $843,307.
The biggest growth was seen in detached single-family homes in the 905 regions surrounding the City of Toronto.
“Home buyers continued to take advantage of very low borrowing costs,” said TRREB President Lisa Patel. “Competition between buyers for ground-oriented homes has been extremely strong in many neighbourhoods throughout the GTA.”
Those on the hunt for a condo in Toronto are benefiting from an increased supply. The number of condo listings reported was nearly double the number from last November. The abundance of options in the condo market led to a decline in selling price in the GTA.
“This may be somewhat of a short-term phenomenon,” says TRREB Chief Market Analyst Jason Mercer. “Once we move in the post-COVID period we will start to see a resumption of population growth, both from immigration and a return of non-permanent residents.”
Condo prices are down 2 percent from last November in the GTA, and down 3 percent in the City of Toronto.