Toronto Real Estate Rising Prices Amid Surging Inventory and Modest Demand Recovery
Image by: unsplash
The Greater Toronto real estate market showed signs of recovery in November, with both sales and prices edging upward. TRREB reported a 0.1% increase in the benchmark home price to $1,061,700, marking the first price growth in over half a year. While this slight uptick signals potential improvement, prices remain 1.8% lower than the same period last year, and overall buying activity has yet to return to pre-pandemic norms.
Home sales surged by 40% year-over-year to 5,875 units in November, reflecting a sharp recovery from the past two years. However, these numbers are still historically weak, falling 35% below 2021 levels and 17% below 2019. Despite growing demand, the market hasn’t fully regained its momentum, with sales still adjusting to population growth and economic pressures.
Inventory levels remain a significant factor, with 21,818 active listings in November—a 30% increase from last year and the highest for the month in over a decade. Sellers have entered the market in record numbers, creating a supply glut that contrasts with the modest rise in prices. This dynamic raises questions about whether recent demand is driven by pent-up interest or signals a more sustainable market trend.
Read the full article on: BETTER DWELLING
