Toronto housing price report for October 2020!

Toronto housing price report for October 2020!

Hello everyone, I am Sara, a professional realtor in Toronto. Today I want to share with you the latest data on real estate transactions in Toronto in October and an analysis of future trends!

First of all, since the first wave of the epidemic in 2020/June, the real estate sales in the Greater Toronto Area have quickly recovered.

Over 10,000 units have been sold for 4 consecutive months including October, and the average transaction price has risen continuously for 4 consecutive months!

• In April 2017, the transaction volume of the Greater Toronto Area was 11,630, with an average transaction price of $920,790 (the highest ever)
• In June 2020, the transaction volume of the Greater Toronto Area was 8,701, with an average transaction price of $930,869 hitting a record high
• In July 2020, the transaction volume of the Greater Toronto Area was 11,081, with an average transaction price of $943,710 hitting a record high
• In August 2020, the transaction volume of the Greater Toronto Area was 10,775, with an average transaction price of $951,404 hitting a record high
• In September 2020, the transaction volume of the Greater Toronto Area was 11,083, with an average transaction price of $960,772 hitting a record high
• In October 2020, the transaction volume of the Greater Toronto Area was 10,563, with an average transaction price of $968,318 hitting a record high

——On November 3, 2020, the Toronto Regional Real Estate Board (TREB) released the latest October housing transaction report in the Greater Toronto Area. Housing transactions in the Greater Toronto Area remain strong, reaching 10,563. The transaction price also rose to $968,318! October broke the highest record for five consecutive months!

——In October, the sales price trend of various properties in the Greater Toronto Area is also rising! !

• Single-family house sales rose 33.9% year-on-year, and average price increased 14.8%
• Semi-detached house sales increased by 33.7% year-on-year, and average price increased by 9.7%
• Townhouse sales increased by 36.6% year-on-year, and average price increased by 10.5%
• Condominium sales rose 2.2%, average price rose 0.7%

It can be seen from this data that in October 2020, the prices of all types of houses have risen year-on-year, especially the transaction volume and prices of low-rise residential properties have increased significantly! Let’s summarize ——Compared with the same period last year, in the detached house market, the increase in sales has far exceeded the increase in the number of new listings. In short, it is in short supply: but in the apartment market, The volume of new listings has more than doubled compared with last year, while sales volume only increased by 2.2% year-on-year, which is simply the supply and demand of the market;

What’s more noteworthy is that from the perspective of Greater Toronto, when the prices of other room types have risen by about 10% over the same period last year, the apartment market has only increased by 0.7%. Even in a small area, sales in the apartment market fell by 8.5%. ———For Sara’s prediction of the future market,

1. The competition among low raise buyers in the Greater Toronto Area is still fierce. The competition has led to the continued growth of low-rise house prices in the Greater Toronto Area!
2. In the apartment market, due to the suspension of the tourism industry, the reform of online classes in schools, and the return of students, the current apartment market continues to exceed demand, and the apartment market has become a buyer’s market.
3. As a buyer, you have more choices, and you will benefit from more choices! At present, with the second wave of the epidemic, everyone’s habitual behavior is higher, and some industries are recovering, and low borrowing costs are affected.

Residents in many regions will still pay great attention to the housing market. In addition to the suppressed demand in spring, it is expected that housing sales in most regions will set a record for the rest of 2020!