12/08/2020
๐จ NOVEMBER TRREB MARKET UPDATE ๐จ
๐ Market conditions tightened in many single-family market segments in November, resulting in double-digit year-over-year
increases in average selling prices for detached houses, semi-detached houses and townhouses.
๐ In contrast to the single-family market segments, buyers continued to benefit from much more choice in the condominium apartment market compared to last year, particularly in the City of Toronto. The number of new condominium apartment listings
in November was almost double that reported in November of last year. More options in the condo apartment market translated
into a small year-over-year decline in the average condominium apartment selling price in the โ416โ area code.
๐ The condominium apartment market is certainly more balanced than in previous years, with some buyers benefitting from lower selling prices compared to last year. However, this may be somewhat of a short-term phenomenon. Once we move into the post-COVID period, we will start to see a resumption of population growth, both from immigration and a return of non-permanent
residents. This will lead to an increase in demand for condominium apartments in the ownership and rental markets.
Come back for moreโ