A Wild Finish To The Year...

By: Thomas Cook

A Wild Finish To The Year...

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our November 2021 Toronto real estate market report.
 
The average sale price set a new record as active listing inventory tanked during November.
 
Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.
 
November numbers came in strong with 9,017 sales of houses and condos across the GTA.  This is the highest number of sales ever for the month of November. An ultra-low supply of inventory contributed to keeping appreciation high.
 
Sales were even up 3% overall from November 2020 although last year the market really took off in the fall.
 
Condo townhouse and high-rise suites continued to maintain a much higher percentage of sales in November (39.8%) than in the past year signalling condos are back in demand.  3,587 units were sold in the month making that the highest-ever for the month of November.
 
The November 2021 average sale price for all GTA homes came in at $1,163,323… a big 21.7% increase compared to one year ago.  If you compare this November to November 2019, two years ago, the average sale price is up 38%.
 
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The ‘active listing’ inventory average for the month of November was down 56% compared to last year at this time with just 6,086 active listings this year.
 
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in.  24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
 
With our busy market… the November ratio bumped up to 148.2% which is representative of an ultra-busy seller’s market.
 
The days-on-market average for GTA / Toronto homes was steady at 13 days.

Here's a snapshot summary of the significant real estate milestones for Toronto in NOVEMBER 2021 as we get close to ending the year.

Thomas Cook
Thomas@LivingInToronto.com
647-962-1650

 


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