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Business & Finance

Toronto home sales climb in November, but condo prices ease

  • The average selling price for a condo in the region slipped 2pc to C$605,863, with condo prices falling around 8pc in Toronto's dense downtown core.
03 Dec 2020

OTTAWA: Toronto-area homes sales and prices climbed in November from a year earlier as strong demand for detached properties in the suburbs continued to outweighed softness in the downtown condominium market.

Total sales of existing homes rose 24.3pc to 8,766 in November, led by sharply higher sales of detached, semi-detached and townhouse properties, the Toronto Regional Real Estate Board (TRREB) said on Thursday.

Condo sales were up slightly, but active listings more than doubled, leading to price declines.

The average selling price for a condo in the region slipped 2pc to C$605,863, with condo prices falling around 8pc in Toronto's dense downtown core.

By contrast, the overall average selling price in the Greater Toronto Area rose 13.3pc to C$955,615, buoyed by a 15.2pc price gain for detached homes.

The bulk of sales and biggest price gains were in suburban ground-oriented homes.

"Home buyers continued to take advantage of very low borrowing costs in November, especially those looking to buy some form of single-family home," TRREB president Lisa Patel said in a statement.

"Competition between buyers for ground-oriented homes has been extremely strong in many neighborhoods."