Home prices hit another record average last month, rising 22 percent annually as the 9,017 transactions also set a new record for November sales, says the Toronto Regional Real Estate Board (TRREB).
The median sales price of a resale home or condo jumped to $ 1.16 million as this year’s listing shortage persisted through late fall, pushing prices up, the real estate board said Thursday. .
That compares to last November’s average of $ 955,889 and a month-over-month profit of around $ 8,000.
For the sixth month in a row, new prices fell year-over-year, down 13.2 percent in November. Real estate board officials have said that homeowners, who might otherwise consider listing their homes for sale, are put off by a lack of options and high prices at a time when the pandemic has pushed many people away. to look for bigger houses.
This year to date there have been 10,474 fewer homes listed on TRREB’s multiple listing service.
It’s an indication of how badly GTA needs new homes, the real estate board said.
Board Chairman Kevin Crigger said market conditions are a call to action for all levels of government that have previously focused on policies to “artificially suppress” demand for housing.
“Current market activity decisively highlights that these policies are not working,” he said.
“Unless governments work together to cut red tape, simplify approval processes and incentivize medium-density housing, today’s housing affordability challenges will intensify,” said Crigger.
He praised the City of Toronto’s “missing middle” housing initiatives, including the development of smaller apartment buildings in neighborhoods that currently don’t allow them. The lack of mezzanine housing provides an alternative to semi-detached and semi-detached houses and skyscrapers.
While single-family, townhomes, and townhouses continued to see year-over-year price increases in the 30 percent range in out-of-town areas, this year the condo market is also adjusting, driving prices up, particularly in The suburbs. said TRREB chief market analyst Jason Mercer.
“This speaks to the broadening of the economic recovery, as first-time buyers return to the market in a big way this year. The condo and townhome segments, with lower prices on average, will continue to be popular as population growth recovers over the next two years, ”he said.
Condos sold for $ 646,211 in the 905 communities surrounding Toronto, an increase of 21 percent compared to last November. Prices were also up 16.5 percent in the city of Toronto to an average of $ 745,951.
Single-family homes sold 30 percent more than a year ago, averaging $ 1.57 million across the region. Single-family homes in the city of Toronto were now selling for an average of $ 1.8 million, an increase of 22.3 percent. In the 905 areas, single-family homes sold at 32.7 percent more than the previous year, averaging $ 1.5 million.
Reference-www.thestar.com