Toronto-area house prices rose by more than 20% in November

The Toronto-area real estate market continued to see strong sales volumes and higher prices in November.

The Toronto Real Estate Board says there were 8,547 sales through its system last month, up 16.5 per cent from November 2015.

The average selling price for all types of housing was $776,684, up 22.7 per cent over the same time last year, while the industry association's home price index was up 20.3 per cent.

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Prices in the 416 area code, which includes the City of Toronto, were generally higher than in the 905 area code for surrounding areas served by GTA realtors.

The average price for full-detached house in the 416 area was nearly $1.35 million, up 32.3 per cent from the same time last year while the comparable type of house in the 905 area had an average price of $957,517 up 25.5 per cent.

TREB says a chronic shortage of property listings contributed to higher prices and frustrated some would-be buyers.