Toronto real estate prices are on the rise again, hitting a new record for the month of November.
According to the latest TRREB statistics, the average home price last month rose to $1.16 million, an increase of 22% compared to the same time last year. Total transactions also marked a new November high with a total of 8,929 sales.
For the sixth consecutive month, new listings dropped on a year-over-year basis — down by 13.2% in November. Real estate board officials have said that homeowners, who might otherwise consider listing their homes, are discouraged by the lack of choice and high prices at a time when the pandemic has pushed many people to seek bigger homes.
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