Toronto Home Sales Up 40%, New Record for August, Average Selling Price Up 20%

Thursday, Sept. 3rd, 2020 Toronto Regional Real Estate Board (TRREB) President Lisa Patel announced that the strong rebound in Greater Toronto Area (GTA) home sales continued with a record result for the month of August. GTA REALTORS® reported 10,775 residential sales through TRREB’s MLS® System in August 2020 – up by 40.3% compared to August 2019.

Sales were up (on a year-over-year basis) for all major home types, both in the City of Toronto and surrounding GTA regions. It should be noted that the low-rise market segments, including detached and semi-detached houses and townhouses, were the drivers of sales growth. Condominium apartment sales were up on an annual basis for the second straight month but to a lesser degree.

Average Selling Price

The overall average selling price was up by 20.1% to $951,404 when compared to August of 2019.

“Generally speaking, market conditions remained very tight in the GTA resale market in August. Competition between buyers was especially strong for low-rise home types, leading to robust annual rates of price growth. However, with growth in condominium apartment listings well-outstripping condo sales growth, condo market conditions were comparatively more balanced, which was reflected in a slower pace of price growth in that segment,” said Jason Mercer, TRREB’s Chief Market Analyst.

TRREB MLS® Sales and Average Price By Home Type, August 1 - 31, 2020

                                                 Sales                                                        Average Price

                                   416             905           Total                 416                   905                      Total

Detached                    1,099        4,330        5,429                1,505,100         1,088,559           1,172,880

Yr./Yr. % Change       65.3%       47.3%       50.6%                21.4%             18.5%                19.9%

Semi-Detached           337          727           1,064                1,166,226          784,951                905,712

Yr./Yr. % Change         81.2%      60.8%       66.8%                21.9%               13.7%                  18.0%

Townhouse                 374          1,501         1,875                     834,222         719,667              742,517

Yr./Yr. % Change        43.3%      46.4%        45.8%                   16.8%               16.0%                 16.1%

Condo Apartment       1,536        750             2,286                673,174          540,491                629,643

Yr./Yr. % Change           9.2%        14.5%        10.9%                  8.7%                 12.9%                  9.5%

Summary of TRREB MLS® Sales and Average Price - August 1 - 31, 2020

                                                                2020                                                        2019

                                        Sales        Avg. Price          New Listings      Sales       Avg. Price     New Listings

City of Toronto (416)     3,365         1,012,506           7,391               2,543       816,845       3,727

Rest of GTA (905)          7,410         923,656             11,100              5,139       779,906       8,062

GTA                               10,775          951,404             18,491            7,682       792,134       11,789

Click this Link for more information at the source: http://trreb.ca/index.php/news/news-releases/971-trreb-releases-august-resale-housing-report

Have a great Long Weekend