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Market Stats for September 2020

07 October 2020

Low interest rates, the ability to work from home for many, the desire for bigger spaces, and pent up demand were a potent combination for September 2020 GTA real estate sales. The month was the fourth in a row where both GTA home sales and prices have set new records with sales up by 42 per cent and average prices up by 14 per cent inclusive of all property types compared to September 2019. Again, the star of the month was detached homes. Year over year, the average price increase of 12.9 per cent for a detached home was about twice that for condos at 6.6 per cent. September 2020 total sales of detached homes grew by 54.7 per cent over the same period last year compared to 14.6 per cent for condos. Increased listing inventory of all property types helped fuel September’s sales activity. Compared to the past five year average, new listings entering the market were up by 28.9 per cent. Despite this increase, the GTA is still a tight market – average Listing Days On Market were down by 27 per cent compared to the five year average. This speed in the sales cycle kept September’s number of Active Listings to a modest 6.4 per cent increase over what September has seen for the past 5 years.

Market Stats for August 2020

03 September 2020

For the third consecutive month, home sales and prices have set new monthly records. August 2020’s total sales of 10,775 was 40 per cent more than the same period last year, with the average price of $951,404 representing an increase of over 20 per cent year over year. Detached properties showed the most substantial gains with the average selling price up by 19.9 per cent. Semi-detached homes were a close second with the average selling price up by 18 per cent year over year. While there's much speculation about home buyers with work from home options due to the pandemic shopping outside of the city of Toronto for properties with more space, the division of sales between the 416 and 905 areas in August this year has stayed consistent with August 2019. In both years, 905 area detached home sales made up 80 per cent of total sales for that property type and 905 area semi-detached sales were approximately 70 per cent of that property type’s total sales.

Market Stats for July 2020

08 August 2020

11,081 homes changed hands last month making July 2020 a record-breaking month for Toronto real estate. This was a jump of 29.5 per cent compared to July 2019. Detached homes were July’s property type leader with sales across the GTA up by 43.7 per cent year over year with the number of detached homes in the 905 coming in at a massive volume of 4,531 units. July sale prices in the city of Toronto had a 25.5 per cent price gain for an average of $1.54 million. The increased option of working from home due to the COVID-19 pandemic and the desire for homes that have space to accommodate home offices have been pointed to as drivers for this summer momentum. The level of activity in July also points to the spring market’s deep freeze having only delayed demand that is now pushing new sales records.

Market Stats June 2020

09 July 2020

As the phased reopening of the economy continues, seasonally adjusted resale activity in the GTA in June surged to an 84 per cent increase over May's sales. Year over year figures were also strong. The average sale price of a home in the GTA increased by 11.9 per cent in June compared to the same month in 2019. The 8,701 homes sold last month were just 1.4 per cent shy of June 2019’s sales. The demand specifically for detached homes translated into over 50 per cent of June’s total sales, with almost 45 per cent of all detached home sales being above the $1 million price point.

May 2020 Market Stats

06 June 2020