It’s worth a special mention that although there is still a month to go before we can call it a year, annual home sales transactions in the GTA already eclipsed the 2016 record of 113,000. We’ll wait for the end of year to know the new record total, which currently sits at over 115,000. Toronto housing inventory drops for the third consecutive month with just 4,249 (5,140) new listings. Lower than last month’s and 16.7% lesser than November 2020. Instead of deterring buyers, home sales actually increased by 18.3% YOY. It’s the same story for the GTA with 10,036 new listings, that is still 13.2% down from November 2020 but posting a 3.3% YOY increase in sales.
The forces of supply and demand continue to inflate average housing prices year-over-year in all categories except one while month-over-month the figures are all down but for one. For further comparison, we added data for the entirety of the GTA. Here’s a per category breakdown:
- Detached homes steal the show as the average price steps into record territory at $1,807,983 ($1,784,979), up a jaw-dropping 22.3% (21.3%) YOY. This is the sole home type that registered a price increase from October.
- GTA – average sale price $1,567,832 and 30.3% YOY.
- Semi-detached homes are not doing as well dropping to an average price of $1,071,246 ($1,322,22) and -7.7% (14.5%) YOY.
- GTA – average sale price $1,206,016 and 27.3% YOY.
- Condos represent the most significant chunk of Toronto housing options and it continues to surge, a far cry from November last year when many struggled to sell condo units with other housing types flooding the market mid-pandemic. Units sold for $745,951 ($889,294) on average and 16.5% (33.1%) YOY, quite a jump considering where we are in the real estate cycle.
- GTA – average sale price $646,211 and 18% YOY.
- Townhomes are at 20.8% (25.7%) YOY with an average sold price of $1,279,504 ($1,343,920).
- GTA – average sale price $962,044 and 28.1% YOY.
We hope for but don’t really foresee a major influx of new housing options coming to market so expect heated competition on most properties. Buyers may have to consider casting their search nets wider and compromising on their checklists. Although historically December is a slow month, with steadily dwindling supply and high demand spurred further by anticipated interest rate increases for next year, we just might see another record month before we bid goodbye to 2021.
Now more than ever, seek professional help whether you’re looking to buy or sell. The right kind of help works wonders regardless of market conditions. If you are thinking about it, have any questions, or need assistance, contact us and we are always happy to discuss.
