I recently wrote about the November housing sales numbers released by the Real Estate Board of Greater Vancouver that stated that Vancouver had experienced the third best November for housing sales on record.
Now the Toronto Real Estate Board has announced that this past month was the best November on record for the Toronto area.
With Toronto and Vancouver being the most expensive real estate markets in Canada this means that these numbers will raise the national sales averages, likely by double digits. Although, it should be mentioned that both cities saw sales figures that were down from the previous month.
While it’s been frequently documented that the record low interest rates have contributed to the surge in home finance and home purchases, housing inventory levels in both Vancouver and Toronto continue to be low, thus heightening demand.
Even as sales figures comparing October and November show that the market may be slowing down, there is still a long way to go until the real estate market is dead.
