By: Zoocasa

Lack of housing supply continues to be an issue in Toronto this November as the Toronto Real Estate Board reports that new listings fell further than sales.

MLS listings in Toronto from November show that new listings are down 26 per Cent year over year to 10,534 while sales are down only 14.7 per cent to 6,251.  Sales are down evenly across all property segments, with detached, semi-detached, townhouses and condos all falling between 14-16 per cent year over year, indicating a broader market trend.

“This suggests that, in many neighbourhoods, competition between buyers may have increased. Relatively tight market conditions over the past few months have provided the foundation for renewed price growth,” said TREB President Garry Bhaura.

Market conditions were warped last November, however, as buyers rushed to close transactions before tighter borrowing rules took effect in January, creating a sales surge, at the same time that sellers held onto their listings amid market uncertainty due to new government regulations.

Still, there’s no denying that inventory remains at near-historic lows, as domestic and foreign demand to live in Canada’s largest city is seemingly irrepressible.

Although Toronto currently remains a balanced market, with the ratio of sales to new listings in the healthy 40-60 per cent range, buyers are still seeing bidding wars, unable to get into their desired neighbourhood and feeling pressure to avoid conditions in their offer.

Prices are up from last November 3.5 per cent to $788,345.

Less expensive market segments continue to outpace expensive single-family homes in price growth, another likely effect of tighter mortgage rules.

Detached houses are mostly stable, edging up 1.3 per cent to just over $1 million. Townhouses for sale are now about $650,000, up 3.1 per cent year over year.

Condo units climbed 7.5 per cent to $557,000 but, for the first month this year, are not showing the strongest price growth. That honour goes to semi-detached properties, up 8.3 percent to $792,000.

Want to see more details? Check out the infographic below.

Zoocasa.com is a real estate company that combines online search tools and a full-service brokerage to empower Canadians to buy or sell their homes faster, easier and more successfully. Home buyers can browse homes across Canada on the website or the free iOS app.

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