TRREB Releases September Resale Housing Report

Toronto Regional Real Estate Board President Lisa Patel announces that Greater Toronto Area REALTORS® reported 11,081 sales through TRREB’s MLS® System in September 2020 – a 42.3 per cent increase over September 2019. Succeeding a record third quarter, sales through January to September 2020 were up by around one per cent compared to 2019.

Year-over-year sales growth was driven by ground-oriented market segments, including semi-detached  and detached townhouses and houses. Sales for annual growth rates in the GTA regions surrounding Toronto were also reported higher.

“Improving economic conditions and extremely low borrowing costs sustained record-level sales in September, as we continued to account for the substantial amount of pent-up demand that resulted from the spring downturn. Further improvements in the economy, including job growth, would support strong home sales moving forward. However, it will be important to monitor the trajectory of COVID-19 cases, the related government policy response, and the impact on jobs and consumer confidence,” said Ms. Patel.

The September 2020 MLS® Home Price Index (HPI) Composite Benchmark was up by 11.6 per cent compared to September 2019. The overall average selling price was up by 14 per cent year-over-year to $960,772.

Price growth was strongest for low-rise home types. The better supplied condominium apartment market segment experienced a slower pace of price growth.

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Read the complete Market Watch Report for September 2020 here, a quick overview here.

TRREB Releases August Resale Housing Report

Toronto Regional Real Estate Board President Lisa Patel announces that Greater Toronto Area REALTORS® reported 10,775  residential sales through TRREB’s MLS® System in August  2020 – a 40.3 per cent increase over August 2019 and a new record for the month of August.

Year-over-year sales growth was driven by low-rise home types, including semi-detached and detached townhouses and houses. For the second month, condominium apartment sales were also up on an annual basis, but to a lesser degree.

“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, TREEB’s Chief Market Analyst.

The August 2020 MLS® Home Price Index (HPI) Composite Benchmark was up by 11.1 per cent compared to August 2019. The overall average selling price was up by 20.1 per cent to $951,404. Price growth was strongest for low-rise home types, notably within the City of Toronto compared to the GTA surrounding regions.

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Read the complete Market Watch Report for August 2020 here.

Toronto Regional Real Estate Board President Lisa Patel announces that Greater Toronto Area REALTORS® reported 11,081 sales through TRREB’s MLS® System in July 2020 – a 29.5 per cent increase over July 2019 and a new record for the month of July.  On a preliminary seasonally adjusted basis, sales were up by 49.5 per cent compared to June 2020.

Year-over-year sales growth was driven by low-rise home types, particularly in the regions surrounding the City of Toronto. However, condominium apartment sales were also up on an annual basis, including in Toronto.

Total new listings were also up strongly on a year-over-year basis by 24.7 per cent, but this annual growth rate was less than that of sales, which means market conditions tightened on average compared to July 2019. In addition, active listings at the end of July were down by 16.3 per cent.

“Sales activity was extremely strong for the first full month of summer. Normally we would see sales dip in July relative to June as more households take vacation, especially with children out of school. This year, however, was different with pent-up demand from the COVID-19-related lull in April and May being satisfied in the summer, as economic recovery takes firmer hold, including the Stage 3 re-opening. In addition, fewer people are travelling, which has likely translated into more transactions and listings,” said Ms. Patel.

The July 2020 MLS® Home Price Index (HPI) Composite Benchmark was up by 10 per cent compared to July 2019. The overall average selling price was up by 16.9 per cent year-over-year to $943,710. On a preliminary seasonally adjusted basis, the average selling price was up by 5.5 per cent compared to June 2020.

Price growth was strongest for low-rise home types, notably within the City of Toronto. Despite more balanced market conditions in the condominium apartment market segment, year-over-year price growth remained in the high single digits.

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Read the complete Market Watch Report for July 2020 here, a quick overview here.