As per TRREB Market Watch Report, in November 2021, number of home sales went down significantly by 7.6% compared to October 2021, which is consistent with the seasonal trends. When we look at the year over-year change in number of sales, November 2021 set a new record as the “best sales on record for the month of November”. The numbers were up from November 2020 by 3.3%.
In November 2021, average sales price went up by 0.7% from October 2021. The year-over-year increase in average sales price was 21.7%.
These numbers all indicate a very tight seller’s market where demand is very high. The most significant change is in the recently slow condo and townhouse markets, where there was a significant increase compared to last year as well as last month. This is explained by low inventory and high price points in the detached market forcing buyers to consider condos and townhouses coupled with anticipated population growth in the next few years.
Please contact me with any questions on how to interpret this data or if I can provide further insight for your specific situation. As a REALTOR, I have access to a lot more information that I can present here. I will do a deep-dive and extract the information you are looking for to make decisions.
Check out my summary chart for Toronto, Mississauga, and Oakville HERE.
Click HERE to see the full TRREB report.