The Toronto Regional Real Estate Board (TRREB) has released its housing figures for the month of November. With 9,017 sales being reported, a new benchmark for sales in a calendar year has been set, with another month still to come. Currently, total annual sales for 2021 sit at 115,716, topping the previous record set in 2016, and marking just the third time home sales have exceeded 100,000 in a year.

Year-over-year sales were up 3.3%, driven entirely by very strong demand for condominium apartments. Condo sales were up 41.6% from last year (+44.3% in Toronto), offsetting declines across the board in the low-rise housing sector.

The average sale in November took place with 13 days on market, at an average of 8% over the listing price. As we’ve been reporting, Durham is without a doubt the hottest TRREB district, with the average home selling in only 8 days for 19% above the listing price. By comparison, the average sale in the City of Toronto took place in 17 days on market, at 6% above the listing price.

Market conditions continue to tighten across all major housing types. With new listings down 13.2% and active listings down 55.9% from the same time last year, there were only 6,086 homes on the MLS for sale at month’s end, or roughly a 21-day supply.

This extreme lack of supply continued to drive prices upward in November. The average sales price hit an all-time high at $1,163,323, an increase of 21.7% compared to last year. The MLS Home Price Index (HPI) Composite Benchmark, which reflects annual inflation, was up 28.3% (+20% in Toronto). The biggest increase in value continues to be found in single detached homes, which were up 32.1% (22.3% in Toronto).

Looking at price by category, detached homes sold for an average of $1,567,832, a year-over-year increase of 30.3%. The average price for semi-detached homes was $1,206,016 (+27.3%), townhomes rose to $962,044 (+28.1%), and the average price of condos was $715,104 (+18%).

We are now into the month of December. Historically, this would be a quieter time for sales, but 2021 has not been a typical year. We certainly expect a busier month than usual with strong “seller’s market” conditions lasting well into the Spring. If you have any questions about the market as we enter the holidays, please let us know. Until then, we wish and your family the very best of health and happiness for 2022.