The Building Industry and Land Development Association says prices for new homes reached, "unprecedented levels in November," due to a lack of supply.
They say the average price of a new detached home in the GTA hit $1,230,961 in November, up 27 per cent from last year.
The average price of new condos was $493,137, up 10 per cent over the same time period.
Meanwhile, according to a report in the National Post, the first couple weeks of December showed no sign of the usual Christmas season slowdown for real estate.
Brad Henderson with Sotheby's International Realty Canada told the paper, they expect December 2016 to be a record breaker.
The Toronto Real Estate Board said sales in the first two weeks of the month were up 17.8 per cent from a year ago.