The Toronto Real Estate Board (TREB) released its sales data for November, and it’s clear that sales maintained a solid pace in the face of a constrained supply of active listings. The 7,090 transactions reported represent a 14.2% increase compared to the same period last year. Total sales for 2019 now sit at 83,463, up 13.3% from the same time last year, and a full 6000 higher than the total for 2018, with a month remaining.

The average price of all sales in November was $843,637, up 7.1% from a year ago, while the MLS Home Price Index (HPI) Composite Benchmark was up 6.8%. Last month, both the HPI and the average selling price experienced their strongest annual rates of price growth for the year.

Prices were up for all major categories, led by condo apartments at +11.1% (+10.9% in the 416). This was following by semi-detached homes at 5.7% (+0.3% in the 416), singles at 3.5% (+4.9 in the 416), and townhomes at 3.0% (+3.2% in the 416).

With rapidly accelerating prices in the high-rise market, ground level options are attracting increased attention from buyers. Sales of detached homes jumped 23.8% (+12.7% in the 416), followed by townhomes at +19.2% (+11.8% in the 416) and semis at +8.8% (+19.3% in the 416). Condos were relatively flat at +1.0% (0.4% in the 416).

New listings fell 17.9% year-over-year, the largest decline in 2019. There is currently a 1.7-month supply in the GTA, the lowest level since April 2017. With reduced choice in the market and an increased demand, expect upward pressure on prices.

The GTA housing market has been on a tear since March. Inventory is low, demand is high, and prices are rising.