The Toronto real estate market is on fire again, as buyers send prices on a very large monthly climb. Toronto Real Estate Board (TREB) numbers show the composite price index reached a new high in November. The increase in prices for November is one of the biggest in history for the month.

Greater Toronto Real Estate Prices Rise To New All-Time Highs

Greater Toronto home prices reached a new all-time high, according to the benchmark. TREB reported the composite benchmark hit $815,800 in November, up 6.83% from last year. The City of Toronto reached $903,700, up 6.99% from last year. This is an all-time high for the composite, but detached units haven’t returned. Instead, this is largely led by condo apartments, which are increasing nearly double digits once again.

Greater Toronto Benchmark Price

The price of a “typical” composite home across Greater Toronto.

Source: TREB. Better Dwelling.

Home prices in the suburbs and the City are making substantial movements. Both regions are seeing growth higher than the month before. Most notable is the unusually large increase from October to November. This was the second largest monthly increase for November in the history of the benchmark, with only 2016 beating it.

Greater Toronto Benchmark Price Change

The annual percent change of TREB’s benchmark price for all home types.

Source: TREB. Better Dwelling.

More Than Half of Sales Were Sold 10% Lower Than The Benchmark

The median sale price made a significant increase, but it’s still way below the benchmark. TREB’s median sale price was $729,000 in November, up 8.80% from last year. The City of Toronto median sale price was $739,000, up 10.29% from last year. That means half of TREB sold at least 10.29% below the benchmark, and half of sales in the City were sold at least 18.22% below the benchmark. Big gains, but a significant disconnect from the benchmark.

Greater Toronto average sale prices made closer movements to the benchmark. TREB reported an average sale price of $843,637 in November, up 7.01% from last year. The City of Toronto average sale price reached $910,419, up 8.06% from last year. The average is higher, as luxury sales made big gains in volume.

Greater Toronto Average Sale Price Change

The annual percent change of the average sale price of all homes.

Source: TREB, Better Dwelling.

Greater Toronto Real Estate Sales Rise Over 13%, But Still Below Typical

Greater Toronto home sales made a big jump from last year. TREB reported 7,090 sales in November, up 13.42% from last year. The City of Toronto represents 2,718 of those sales, up 6.04% from the same month last year. Even with the big jump, sales still fell 3.85% below the 5-year median volume for the month.

Greater Toronto October Home Sales

The total home sales across TREB by year, for the month of November.

Source: TREB, Better Dwelling.

Greater Toronto Real Estate Inventory Drops Over 27%

New sellers are taking a pause, sending new listings for Toronto real estate lower. TREB reported 8,650 new listings in November, down 17.88% from last year. The City of Toronto represents 3,308 of those listings, down 15.00% from last year. Higher sales and fewer new listings, sent total inventory even lower.

Greater Toronto Sales To New Listings

The number newly listed units per month, in contrast to sales.

Source: TREB, Better Dwelling.

The number of homes for sale dropped to abnormally low levels last month. TREB reported 11,958 active listings in November, down 27.17% from last year. City of Toronto represented 3,918 of the listings, down 20.78% from last year. Active listings are 11.12% lower than the 5-year median for sales. Inventory is much lower than usual for this time of year.

Greater Toronto October Active Listings

The total of active home listings across TREB by year, for the month of November.

Source: TREB, Better Dwelling.

Toronto real estate prices made one of the largest climbs accorded to the benchmark. This comes after a big rise in sales, and lower than usual inventory. It’s almost like the government promising to add more money to the market caused buyers to jump in… and/or sellers to delay for a bigger reward.

Like this post? Like us on Facebook for the next one in your feed.