According to the November TRREB Market Report
This November's home sales increased by a whopping 24.3% compared to November 2019. Primarily, this growth was in large part due to annual single family homes.
The average selling price for all home types combined was up by 13.3% to $955,615.
Sellers benefited from the single-family market segments in November. With lower inventory, it resulted in double-digit year-over year increases in average selling prices for detached houses, semi-detached houses and townhouses.
On the other end, Buyers continue to benefit from the condo apartment market. High inventory in this sector continues which means lower selling prices compared to last year.
“This may be somewhat of a short-term phenomenon. Once we move into the post-COVID period, we will start to see a resumption of population growth, both from immigration and a return of non-permanent residents. This will lead to an increase in demand for condominium apartments in the ownership and rental markets,” said Jason Mercer, TRREB Chief Market Analyst.
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November 2020 vs. November 2019
November 2020 vs. October 2020