Record November for Greater Toronto Area Real Estate: TRREB

Prices for single-family homes are up 32% from last year. (Getty Images)

Real estate in the Greater Toronto Area continued to sizzle as winter approached.

The Toronto Regional Real Estate Board (TRREB) reports that 9,017 homes were sold in November, an all-time high for the month. It managed to set the record despite a 13.2% drop in new registrations year-over-year.

The benchmark price increased 28.3% year-on-year to $ 1,172,900.

“A key difference this year from last year is how the condominium segment continues to tighten and experience accelerating price growth, particularly in suburban areas. This is testament to the widening economic recovery, with first-time buyers returning to the market. in a big way this year, ”said Jason Mercer, chief market analyst for TRREB.

“The condo and townhouse segments, with lower prices on average, will remain popular as population growth accelerates over the next two years.”

Also see: The latest real estate news for house prices, mortgage rates, markets, luxury properties and more on Yahoo Finance Canada.

Single-family attached homes were up 31.9 percent year over year, townhouses were up 24.3 percent, and apartments were up 20 percent. But single-family homes still lead the price growth, up 32.1%.

Durham Region leads the price hikes (40.1%), followed by South Simcoe County (34.8%) and Halton (33.7%)

As demand continued to exceed supply, TRREB once again pleaded with governments to act quickly.

“For far too long, governments have focused on short-term band-aid policies to artificially suppress demand,” said TRREB chairman Kevin Crigger.

“The current market activity is a decisive highlight that these policies are not working, and unless governments work together to reduce bureaucracy, streamline approval processes and encourage mid-density housing, the problems housing affordability will intensify. “

Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on twitter @jessysbains.

Download the Yahoo Finance app, available for Apple and Android.

Comments are closed.