The average selling price of a detached home in the GTA remains over $1 million

The Toronto Real Estate Board (TREB) just released its resale housing figures for November 2016, reporting significant sales growth across the Greater Toronto Area (GTA) for all home types.

There were 8,547 sales reported through the MLS last month, which is 16.5% higher than last year. The largest sales growth was seen in townhomes and condos. Townhome sales jumped 15.2% with 1,318 sales. There were even more condo sales - there were 2,409 sales across the GTA, which is 25.8% higher than November 2015.

"Home buying activity remained strong across all market segments in November. However, many would-be home buyers continued to be frustrated by the lack of listings, as annual sales growth once again outstripped growth in new listings. Seller's market conditions translated into robust rates of price growth," says TREB President Larry Cerqua.

The average selling price went up 22.7% to $776,684. A price jump like this and the new stress-test rules for insured mortgages have made both the new home market and resale market a scary place for first-time buyers. The largest price growth was of detached homes. The average selling price in the 416 area went up 32.3% to $1,345,962. For all of the GTA, the average was $1,058,273.   

"Recent policy initiatives seeking to address strong home price growth have focused on demand. Going forward, more emphasis needs to be placed on solutions to alleviate the lack of inventory for all home types, especially in the low-rise market segments,” said Jason Mercer, TREB’s Director of Market Analysis.

Winter is usually a slower period for home sales, but with a lack of inventory and such strong demand, it seems like the markets will be hot, despite the chillier weather.