Even in Mid August 2020, many realtors already noticed that the sales were strong. When the number came out for the month, we saw a strong rebound in GTA home sales and it continued with a record month which reported 10,775 residential sales a 40.3% jump in the MLS compared to August 2019 in a year over year basis for all major home types (both City of Toronto and other GTA regions).
It was well noted that a high jump in the low-rise market (i.e. detached and semi-detached houses and townhouses). Furthermore, condo sales were still going up on an annual basis for the second straight month.
The average days of Market was 17 days Average Sold Price in GTA jumped from 792,134 to 951,404 last year August to this year if we look at the average sold price in 2018 at $762,252, it jumped by 24% in the last two years average at 12% per year. When we look at the number in 416 only, the average condo price was $673,174 and average home price was $1,012,506. They were up by 8.7% and 23.7% respectively.
According to Ms. Patel (TRREB President) :-
“fewer households have chosen to go on vacation as a result of COVID-19 and instead have remained in the GTA and been active in the housing market, satisfying pent-up demand from the spring”
We are expecting the number will continue to rise due to Low Inventory Low Interest and high demand of property ownerships.
1, 7 Sales, dollar volume, average sale prices and median sale prices are based on firm transactions entered into the TRREB MLS® system between the first and last day of the month/period being reported. Past monthly and year-to-date figures are revised on a monthly basis.