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New listings rose nearly 40 per cent compared with last year, reaching 2,227 units, with the most significant gains coming from homes priced over $600,000 hitting the market.

But CREB chief economist Ann-Marie Lurie says inventory declined four per cent from last year, as the uptick in new listings has "not been enough to change the low inventory situation thanks to strong demand."

The unadjusted home benchmark price rose to $572,700, marking a 10.7 per cent jump compared with November 2022.

So far this year, the average benchmark price has risen more than five per cent.

The board says it again saw record-high sales of apartment condominiums due to the relative affordability in that category, while a decline in detached home sales was driven by limited supply choice for homes below $700,000.

This report by The Canadian Press was first published Dec. 1, 2023.

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The Canadian Press

The Canadian Press

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The Canadian Press is a national wire service that provides real-time stories for more than 600 media companies.

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