Toronto Sales Report
Sales and prices surge for single family homes in October!
The Toronto Real Estate Board Market Watch provides an in-depth analysis of the previous month's sales statistics.
TORONTO, ON, November 4, 2020 – Home sales in the Greater Toronto Area (GTA) were up again year-over-year for the fourth month in a row. Our Members made 10,563 sales as reported through the Toronto Regional Real Estate Board’s MLS® System in October 2020. This was up by 25.1 per cent compared to 8,445 transactions in October 2019.
Sales and new listings reached record levels for the month of October. However, year-over-year growth rates for sales and new listings diverged in some market segments. In the detached market segment, the pace of annual sales growth far outstripped growth in new listings. Conversely, the condominium apartment market segment experienced more than double the new listings compared to October 2019, whereas sales were only up by 2.2 per cent over the same period.
“Competition between buyers of single-family homes, and particularly detached houses, remained strong last month and continued to support double-digit annual rates of price growth in many GTA neighborhoods. In contrast, condo buyers have benefitted from much more choice compared to last year. Pre-COVID polling had already pointed to anincrease in investor selling in 2020. The pandemic only added to this trend with a stall in economic growth and a halt to tourism impacting cashflows for many investors,” said Lisa Patel, TRREB’s President.
The MLS® HPI Composite Benchmark was up by 10.8 per cent on a year-over-year basis in October 2020. Theaverage selling price for all home types combined was $968,318 – up by 13.7 per cent compared to $851,877 in October 2019.
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