Toronto-area house prices soar more than 20% amid strong demand, limited supply

TORONTO – The Toronto-area real estate market continued to see strong sales volumes and higher prices in November.

The Toronto Real Estate Board says there were 8,547 sales through its system last month, up 16.5 per cent from November 2015.

The average selling price for all types of housing was $776,684, up 22.7 per cent over the same time last year, while the industry association’s home price index was up 20.3 per cent.

Prices in the 416 area code, which includes the City of Toronto, were generally higher than in the 905 area code for surrounding areas served by GTA realtors.

The average price for full-detached house in the 416 area was nearly $1.35 million, up 32.3 per cent from the same time last year while the comparable type of house in the 905 area had an average price of $957,517 — up 25.5 per cent.

TREB says a chronic shortage of property listings contributed to higher prices and frustrated some would-be buyers.

The strength in Toronto came as sales in Vancouver told a different story.

Home sales in the Vancouver region totalled 2,214 in November, down 0.9 per cent 2,233 sales recorded in October and 37.2 per cent lower than November 2015 when 3,524 homes sold.

The Real Estate Board of Greater Vancouver said sales in November were 7.6 per cent below the 10-year sales average for the month.

“While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months,” Vancouver board president Dan Morrison said.