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.
- November sales (9,017) were 3% above last year and were the highest ever for the month of November on TRREB
- Active Listings were the lowest ever for the month
- The ratio of sales-to-listings made a big jump to 148.2% in November– putting us into an ultra-busy seller’s market
- The November average sale price came in at a once-again record $1,163,323– and rose to 21.7% above one year ago and 38% above the November average in 2019.
- The GTA real estate market overall averaged a quick 13 days-on-market
- Detached home sales in November 2021 with a purchase price over $2,000,000 were up 94% (634 houses) while condo apartment sales over $2M were up 210% (31 suites) compared to November 2020
- The CONDO townhouse / highrise share of the market came in at a big 37.8% during the month and condo sales were the highest ever for the month of November
- Downtown condo active listing numbers were dramatically lower… by 63% in C01 and by 59% in C08 from last year
- November year-over-year downtown condo sales were up in C01 (+36.2% & 2nd highest since 2000) and C08 (+70.9% & highest ever) compared to 2020 with specific monthly average sale prices showing 15% to 22% increases year-over-year for the first time
- The downtown condo days-on-market average increased slightly to 19 days (C01) & increased slightly to 22 days (C08)
- The ratio of sales-to-listings for condos downtown bumped up in C01 to 77.8% and in C08 to 84.1% leaving both condo districts in very busy seller market territory
- Because of the influence of lower condo demand earlier this year, the adjusted average condo sale prices are ranging between 2-3% in both C01 and C08 from November 2020.
- November continued the trend we’ve had all year of lower listing inventory and high buyer demand and continued the recovery for condo sales and for overall GTA sales numbers over previous years.
- November saw detached homes in the 905 appreciate year-over-year by an average 29.7% and 905 condominium average sale prices rose by 17%
- Despite the upward tweak in interest rates, you can still expect a seasonal slowdown over December and the first few weeks of January before the market is expected to pick up once again.
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