Keeping up With the Real Estate Market....November 2021
Saturday Dec 04th, 2021
I hope you are keeping well and are looking forward to the holiday season. The new year is just around the corner and the Real Estate Market in the Greater Toronto Area has already set records before the year's end. There have been over 115,000 homes, of all types, sold so far this year and we still have one month to go. The Toronto Real Estate Board's previous sales record was set back in 2016 with over 113,000 sales. Even with a limited inventory of available homes for sale, 2021 will be one for the record books.
Prices for the month of November are up 21% compared to the same month last year with inventory of available homes of all types down almost 56% across the entire city. With the threat of interest rates going up buyers continue to enter the market keeping demand strong with multiple bids being the norm to acquire a home.
The resale condominium market has rebounded compared to where it was at this time last year. Prices are up 18% with the volume of sales up 41% for the month.
The launch of many new condominium developments around the GTA continue to see very strong demand with the sales teams for these projects receiving thousands of applicants for only a few hundred available units, it is multiple bids for real estate that is not even built. The purchase of a new condo is still a great way to enter the real estate market as an investment vehicle. If you have any questions please do not hesitate to reach out to me.
Have a fantastic holiday season and all the very best to you and your family. Know that I am only a call/text away for all your real estate needs.