Record November for Greater Toronto Area real estate: TRREB

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Guelph, ON- March 18  -  Home sales in the new neighbourhoods are up. Construction and home sales are up in cities close to Toronto like Guelph. Ontario faces stricter restrictions to slow the spread of the COVID-19 pandemic in Guelph. March 18, 2021.            (Steve Russell/Toronto Star via Getty Images)
Detached home prices are up 32 per cent compared to last year. (Getty Images)

Greater Toronto Area real estate continued to sizzle heading into winter.

The Toronto Regional Real Estate Board (TRREB) says 9,017 homes were sold in November, an all-time high for the month. It managed to set the record despite new listings being down by 13.2 per cent year-over-year.

The benchmark price was up by 28.3 per cent year-over-year to $1,172,900.

"A key difference this year compared to last year is how the condo segment continues to tighten and experience an acceleration in price growth, particularly in suburban areas. This speaks to the broadening of economic recovery, with first-time buyers moving back into the market in a big way this year," said TRREB chief market analyst Jason Mercer.

"The condo and townhouse segments, with lower price points on average, will remain popular as population growth picks up over the next two years."

Also See: The latest real estate news for housing prices, mortgage rates, markets, luxury properties and more at Yahoo Finance Canada.

Single-family attached homes were up 31. 9 per cent year-over-year, townhouses climbed 24.3 per cent and apartments rose 20 per cent. But detached homes still lead the way for price growth, up 32.1 per cent.

Durham region led the way in price gains (40.1 per cent), followed by South Simcoe County (34.8 per cent) and Halton (33.7 per cent)

With demand continuing to outstrip supply, TRREB once again pleaded with governments to act quickly.

"For far too long, governments have focused on short-term band-aid policies to artificially suppress demand," said TRREB president Kevin Crigger.

"Current market activity highlights decisively that these policies do not work, and unless governments work together to cut red tape, streamline the approval processes, and incentivize mid-density housing, ongoing housing affordability challenges will escalate."

Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.

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