ALL-TIME HIGHS!
Average selling prices reached a new all-time high in the month of November 2021!
The Toronto Regional Real Estate Board reported a 21.7% increase in average selling price for all home types year-over-year, making it $1,163,323.
So why did we reach new highs?
#1 Low Inventory
#2 Short-Term Policies
Continued low inventory has been a significant factor in contributing to increased home prices. TRREB reported a 13.3% decrease in new listings at 10,036.
Compared with October 2021, new listings dropped by 14.5% month-over-month. Lower supply struggles to meet with pursued demand, resulting in rising home prices.
Governments also contribute as local, provincial, and federal sectors focused on short-term policies to artificially suppress demand. As TRREB President Kevin Crigger states, "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."
What should you do?
SELLERS:
It's time to connect. We will walk you through this market step-by-step for a seamless sale.
BUYERS:
It can seem like a scary time to buy as your dream home continues to trend upwards in price. You don't know if you should buy now, or wait and see if the market cools off. We have strategies in place that will walk you through the best possible timing for you to buy!
As home prices continue to rise, it can be difficult to time the market especially if you are buying and selling at the same time.
Learn how to beat this market!
Click Here to book a quick strategy call with us or email us at: Diane@DreamBuildingTeam.com
For more information on this month's stats, visit: https://trreb.ca/files/market-stats/market-watch/mw2111.pdf
Please note the content is for general information purposes only and does not constitute legal or other professional advice of any kind.
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