Subject: ECONOMIC NEWS/TRENDS/ANALYSIS
GTA Home Sales Hit New November Record While Listings Drop
TORONTO, Dec. 03, 2021 (GLOBE NEWSWIRE) -- Home sales reached a new record for the month of November, and the average selling price also reached a new all-time high. New listings were down substantially compared to last year for all market segments ? further highlighting the inherent supply issue across all home types in the Greater Toronto Area (GTA).
GTA REALTORS® reported 9,017 home sales through TRREB's MLS® System in November 2021 ? 3.3 per cent above the November 2020 result, setting a new record. In contrast, new listings were down by 13.2 per cent year-over-year, with double-digit declines for low-rise home types and condominium apartments.
"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. The GTA remains the primary destination for new immigrants and is at the centre of the Canadian economy. 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. 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," said TRREB President Kevin Crigger.
The MLS® Home Price Index composite benchmark was up by 28.3 per cent year-over-year in November 2021. The average selling price for all home types combined was $1,163,323 ? up by 21.7 per cent compared to November 2020.
"A key difference this year compared to last year, is how the condo segment continues to tighten and experience an acceleration in price growth, particularly in suburban areas. This speaks to the broadening of economic recovery, with first-time buyers moving back into the market in a big way this year. The condo and townhouse segments, with lower price points on average, will remain popular as population growth picks up over the next two years," said TRREB Chief Market Analyst Jason Mercer.
"As population and housing demand continues to grow in the GTA, it will be important to support the fabric of our region's neighbourhoods. This can be partially accomplished by bringing on line a greater diversity of housing choices. However, in addition, local businesses also need support, and TRREB was encouraged to see the new small business property tax class approved by the City of Toronto. This will be an important tool for post-pandemic recovery," said TRREB CEO John DiMichele.
| Summary of TRREB MLS® System Sales and Average Price November 1?30, 2021 | ||||||
| 2021 | 2020 | |||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
| City of Toronto ("416") | 3,587 | 1,096,736 | 4,249 | 3,024 | 979,460 | 5,113 |
| Rest of GTA ("905") | 5,430 | 1,207,310 | 5,787 | 5,704 | 943,392 | 6,443 |
| GTA | 9,017 | 1,163,323 | 10,036 | 8,728 | 955,889 | 11,556 |
| TRREB MLS® System Sales & Average Price by Home Type November 1?30, 2021 | ||||||
| Sales | Average Price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached | 918 | 2,939 | 3,857 | 1,807,983 | 1,492,821 | 1,567,832 |
| Yr./Yr. % Change | -1.20% | -10.20% | -8.20% | 22.30% | 32.70% | 30.30% |
| Semi-Detached | 283 | 472 | 755 | 1,431,988 | 1,070,530 | 1,206,016 |
| Yr./Yr. % Change | -15.80% | -14.00% | -14.70% | 23.40% | 31.10% | 27.30% |
| Townhouse | 381 | 1,068 | 1,449 | 981,759 | 955,010 | 962,044 |
| Yr./Yr. % Change | 5.50% | -7.90% | -4.70% | 19.70% | 31.00% | 28.10% |
| Condo Apartment | 1,981 | 887 | 2,868 | 745,951 | 646,211 | 715,104 |
| Yr./Yr. % Change | 44.30% | 36.00% | 41.60% | 16.50% | 21.10% | 18.00% |
| November 2021 Year-Over-Year Per Cent Change in the MLS® HPI | |||||
| Composite (All Types) | Single-Family Detached | Single- Family Attached | Townhouse | Apartment | |
| TRREB Total | 28.31% | 32.12% | 31.85% | 24.26% | 20.08% |
| Halton Region | 33.73% | 35.18% | 39.26% | 27.91% | 21.23% |
| Peel Region | 29.31% | 33.14% | 33.52% | 24.34% | 17.37% |
| City of Toronto | 19.97% | 22.30% | 19.60% | 15.68% | 19.34% |
| York Region | 32.19% | 32.79% | 35.11% | 28.90% | 25.81% |
| Durham Region | 40.14% | 40.42% | 41.70% | 38.51% | 29.40% |
| Orangeville | 31.39% | 31.46% | 31.30% | 39.70% | 12.08% |
| South Simcoe County1 | 34.81% | 38.25% | 35.07% | 34.08% | 27.73% |
| Source: Toronto Regional Real Estate Board | |||||
| 1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth | |||||
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| Year-to-Date Summary of TRREB MLS® System Sales and Average Price November 2021 | ||||||
| 2021 | 2020 | |||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
| City of Toronto ("416") | 41,133 | 1,058,624 | 61,091 | 29,117 | 994,640 | 58,761 |
| Rest of GTA ("905") | 74,583 | 1,110,737 | 100,318 | 58,795 | 897,120 | 92,174 |
| GTA | 115,716 | 1,092,212 | 161,409 | 87,912 | 929,419 | 150,935 |
| YTD TRREB MLS® System Sales & Average Price by Home Type November 2021 | ||||||
| Sales | Average Price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached | 10,918 | 41,420 | 52,338 | 1,719,175 | 1,355,605 | 1,431,448 |
| Yr./Yr. % Change | 20.5% | 21.0% | 20.9% | 16.2% | 28.4% | 25.1% |
| Semi-Detached | 3,756 | 6,836 | 10,592 | 1,297,434 | 949,882 | 1,073,127 |
| Yr./Yr. % Change | 28.5% | 22.5% | 24.6% | 11.2% | 23.3% | 18.4% |
| Townhouse | 4,526 | 15,429 | 19,955 | 940,018 | 859,774 | 877,974 |
| Yr./Yr. % Change | 38.8% | 29.8% | 31.7% | 12.5% | 22.2% | 19.9% |
| Condo Apartment | 21,680 | 10,059 | 31,739 | 712,746 | 606,935 | 679,212 |
| Yr./Yr. % Change | 58.4% | 59.2% | 58.6% | 4.9% | 14.2% | 7.4% |
Source: Toronto Regional Real Estate Board
| Seasonally Adjusted TRREB MLS® Sales and Average Price1 | |||||
| Sales | Month-over- Month % Chg. | Average Price | Month-over- Month % Chg. | ||
| November '20 | 9,232 | -5.2% | $962,199 | 0.6% | |
| December '20 | 11,072 | 19.9% | $975,747 | 1.4% | |
| January '21 | 11,503 | 3.9% | $1,006,885 | 3.2% | |
| February '21 | 12,739 | 10.7% | $1,031,454 | 2.4% | |
| March '21 | 12,956 | 1.7% | $1,088,302 | 5.5% | |
| April '21 | 10,772 | -16.9% | $1,051,229 | -3.4% | |
| May '21 | 9,888 | -8.2% | $1,064,007 | 1.2% | |
| June '21 | 9,059 | -8.4% | $1,065,077 | 0.1% | |
| July '21 | 8,927 | -1.5% | $1,077,931 | 1.2% | |
| August '21 | 8,718 | -2.3% | $1,105,404 | 2.5% | |
| September '21 | 8,809 | 1.0% | $1,127,120 | 2.0% | |
| October '21 | 9,752 | 10.7% | $1,143,855 | 1.5% | |
| November '21 | 9,508 | -2.5% | $1,172,091 | 2.5% | |
Source: Toronto Regional Real Estate Board; CREA Seasonal Adjustment. 1 Preliminary seasonal adjustment undertaken by the Canadian Real Estate Association (CREA). Removing normal seasonal variations allows for more meaningful analysis of monthly changes and underlying trends.
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The Toronto Regional Real Estate Board is Canada's largest real estate board with more than 62,000 residential and commercial professionals connecting people, property and communities.
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