November was another record-setting month for real estate in the Greater Toronto Area, with sales and average selling prices climbing to new highs as available listings continued declining across all market segments, intensifying the region’s supply shortage.

Last month, home prices hit a new all-time high, soaring by nearly 22% annually, as the 9,017 recorded transactions also marked a new sales high for the month of November, the Toronto Regional Real Estate Board (TRREB) announced Friday.

For the sixth continuous month, new listings dropped on a year-over-year basis — down by 13.2% to 10,036 in November, with double-digit declines for low-rise home types and condominium apartments.

The lack of new supply drove prices even higher, with the average selling price for all home types — including detached, semi-detached, townhouses, and condos — rising to $1,163,323, up 21.7% compared to last November’s average of $955,889 and up about $8,000 month-over-month.

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