Toronto Home Sales Hit Record In November As Condo Sales Jump 42%

Home sales in the Greater Toronto Area (GTA) notched another record during November.

The Toronto Real Estate Board (TREB) reports that home sales rose 3.3% last month from a year earlier with 9,017 properties changing hands, marking a record for the month.
The condo segment was particularly hot in November, with sales jumping 41.6% from a year earlier.

However, the number of new listings dropped 13.2% year-over-year, led by double-digit declines for the detached and condo segments. 

Buyers were also paying more than ever before for homes as the average selling price in the GTA region soared to $1,163,323 in November, up 22% from the same month in 2020.

Some housing market observers have speculated that buyers might be rushing into the market to lock in mortgages before interest rates rise next year.