by Nutan Brown
on Wednesday, December 8th, 2021 at 12:45pm.
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.
“For far too long, governments have focused on short-term band aid policies to artificially suppress demand,” says TRREB president Kevin Crigger. “Governments at all levels must take coordinated action to increase supply in the immediate term to begin addressing the supply challenges of today, and to work towards satisfying growing demand in the future."
In this market, a lot of sellers are looking for investors rather than actual homeowners to buy their properties. With home prices steadily increasing, investors are rushing in expecting to make a profit as the market heats up.
Stay tuned to find out how this year ends in my next market update. If you have any questions feel free to contact me!