Home sales in the Greater Toronto Area were up 16.5 per cent in November compared to a year earlier with 8,547 sales through the MLS system of Toronto Real Estate Board.

Meanwhile, prices continued to soar as low inventory tightened the seller’s market. The average selling price rose 22.7 per cent year-over-year to $776,684.

All home types across the region saw gains with townhomes and condos especially strong.

TREB’s director of market analysis, Jason Mercer, said that tackling rising prices has been the focus of recent policy changes but supply is where there is a desperate need for action.

“Going forward, more emphasis needs to be placed on solutions to alleviate the lack of inventory for all home types, especially in the low-rise market segments,” Mercer commented.

Toronto’s 416 area code continued to show a sharper rise in prices than outlying neighbourhoods. A detached home in the city rose 32.3 per cent in the 12 months to November 2016 to reach an average $1,345,962.

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