November sales are in and once again the story is, no inventory, high demand, with the average selling price reaching a new all time high for all home types coming in at 1.163,323 up 21.7% from November 2020.
In total 9,017 homes sold on MLS in November 2021 in the GTA, thats up 3.3% from last November. New listings were down 13.2% since last November.
Detached homes in 416 Toronto averaged a staggering 1.807M in November 2021, this being the category were available inventory is at its lowest. Condo inventory is also very tight and demand strong with the average price in the GTA at 715,104 in November 2021.
On the ground its still busy, which is odd given its mid December, usually most buyers take a break by now but as of Dec 13th Im seeing homes from Scarborough to Oakville get multiple offers, same goes for Condos in Toronto. Anything priced under 2M is getting plenty of activity. That being said most of the bidding wars that get 10+ offers seem to happen outside proper 416 or if they are happening in the 416 I see them on condos priced $750K or less.
Safe to say that some buyers will continue to look through the holidays as there is pent up demand and many have been frustrated at the process to find a home this fall. To make things worse new buyers are planning their search now and will be jumping in over the next few weeks. January – April is a very busy time in the market because this is when most buyers start, this is also the time when we usually see prices soar the last few years because of low inventory and super high demand.
Sellers on the other hand are either on the sidelines watching as prices skyrocket, some deciding to keep their properties while buying another if they can afford to do so or others that plan to sell need to buy before they sell, in which case the bottle neck of new buyers vs no listings is further being exasperated. Its so hard to buy right now that sellers are worried about selling first and not being able to get back into the market, so they choose to buy first.
As always any questions or concerns feel free to message me. Wish everyone a very happy and safe holiday season and new year!