By now, it's no big news that the Toronto housing market is getting tighter. The question is how much and will it begin to ease at some point? The November market indicates that easing up may still be far away. Total residential sales fell by -2.5% compared to the last month largely owning to scarce listings, which fell by -13.2% compared to last November.
Days on market remains unchanged from last month, however, the new-listings-to-sales ratio is now up at 90%, meaning almost all homes are being swept away as soon as they are listed.
Scarcity in supply and increasing demand has pushed up the average price as well, which now is around 1.2 million.
November continues to put pressure on supply and a consistently growing market may make winter sales lucrative for sellers.
A key difference this year compared to last year is how the condo segment continues to tighten and experience an acceleration in price growth, particularly in suburban areas. This speaks to the broadening of economic recovery, with first-time buyers moving back into the market in a big way this year.- TRREB Chief Market Analyst Jason Mercer
Key Market Highlights:
In The News:
People Moving Out of Toronto Are Driving Up Prices In Other Provinces
Lockdowns really kicked off the urban exodus, with residents able to work remotely relocating to more space for cheaper elsewhere in the province, perhaps even falling in love with the quieter lifestyle in the process.
Wait… Toronto Real Estate Isn’t A Bubble?
The Bank of Canada (BoC) House Price Exuberance Index Indicator (HPEI) ranks just two cities as exuberant in Q3 2021. Neither of those cities is Toronto or Vancouver.
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