TORONTO, ONTARIO, December 3, 2021 – 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.
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