toronto housing

Toronto home sales just skyrocketed by the highest amount so far this year

Toronto home sales saw a major increase in the month of November and the city's home prices saw their fastest spike since 2017. 

According to the newly released November 2019 stats from The Toronto Real Estate Board (TREB), home sales in November rose 14.2 per cent from a year ago, with 7,090 homes sold and purchased within the month. 

The TREB cited strong population growth and declining mortgage rates as factors that helped increase sales and competition between buyers.

"Strong population growth in the GTA coupled with declining negotiated mortgage rates resulted in sales accounting for a greater share of listings in November and throughout the second half of 2019," said Jason Mercer, TREB’s Chief Market Analyst, in a statement. 

A lack of supply in the housing market also helped increase home prices, as new listings were down by 17.9 per cent.

Active listings decreased by 27.2 per cent year-over-year, while the average selling price for houses in the GTA increased by 7.1 per cent year-over-year.

The average price rose to $843,637 in November, which was the fastest annual price growth since May of 2017. 

In the same statement, Mercer added that increased competition between buyers resulted in the acceleration in price growth. 

"Expect the rate of price growth to increase further if we see no relief on the listings supply front," he said. 

Lead photo by

A Great Capture


Join the conversation Load comments

Latest in Real Estate

Toronto office vacancy rate soars as people continue to work from home

This is what a $900K detached house with a huge backyard looks like in Toronto

A proposal to build one of Toronto's tallest buildings is back from the dead

This is what a $16 million mansion looks like in Toronto

Huge tower and new subway entrance could soon transform Toronto intersection

Scary looking derelict Toronto houses could be torn down for futuristic condos

Mansion in Toronto's wealthiest neighbourhood drops its price by $1.5 million

This is what a $600K house looks like in Toronto