It doesn’t look like the Greater Toronto Area’s surging real estate market will slow down any time soon.
According to a new report from the Toronto Regional Real Estate Board (TRREB), GTA home sales hit an all-time high of 9,017 transactions in the area, a jump of 3.3 percent over November 2020.
JUST RELEASED!#TRREB Calls for Action on Housing Supply Crunch. November saw record home sales for the month of Nov, all-time high average selling price & substantial decrease in new listings for all market segments. TRREB’s latest #MarketWatch Report HERE https://t.co/C029RzusEI pic.twitter.com/fJR3dFLJid
— Toronto Regional Real Estate Board (@TheReal_TRREB) December 3, 2021
The report goes on to outline that the average selling price of a home in the GTA is up 21.7 percent compared to November 2020, hitting $1,163,323 million. In Toronto specifically, the average cost of home sits at 1,096,736, an increase from $979,460 in November 2020.
As it has been in the past, the TRREB is very critical of these skyrocketing home prices in the report and states that it believes the surging market is tied to an ongoing housing supply shortage in the region.
“For far too long, governments have focused on short-term bandaid policies to artificially suppress demand. Current market activity highlights decisively that these policies do not work, and unless governments work together to cut red tape, streamline the approval processes, and incentivize mid-density housing, ongoing housing affordability challenges will escalate,” said TRREB President Kevin Crigger in the study. “On this point, we commend the City of Toronto for moving forward with initiatives to facilitate the creation of more mid-density home types, including their current consultations on options to encourage more multiplex development across the city.”
Image credit: TRREB