The MLS® Home Price Index composite benchmark was up by 28.3% year-over-year in November, with an average selling price for all home types up by 21.7%. Overall, it seems November was all about breaking records, both high and low:
- A slight improvement of 0.7% from $1,155,345 to $1,163,323 for the overall housing price was enough to break October’s record
- A record in November TTREB sales with the highest ever numbers of 9,017 homes
- A record low number of active listings at just 6,086
The lowest active listings in hand, along with the highest sales speaks to the inventory challenges we’ve continued to experience all year. For example, just a year ago active listings were almost double at 13,798. A real eye opener was a whopping 30 offers made on a Toronto semi-detached home that sold for 150% over asking. This might not be a number traditionally followed, but it is one of the best indicators of what is happening in Toronto right now.
This aligns with November’s Sales-to-New Listings Ratio at 90%. To put this into perspective, a balanced market range is between 40% and 60%. Clearly, we are experiencing a sellers’ market in the extreme.
One final indicator is record prices for condos. Although this beat out September’s $744,730 ever so slightly at $745,951, it shows that first-time buyers are back. It’s a reassuring nod to a recovering economy.
If you want to learn about more potential affordable initiatives for Toronto homes check out this blog.
Photo by Blake Wheeler on Unsplash
