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.
DOWNLOAD YOUR COPY OF THE COMPLETE RELEASE TODAY
Read the complete Market Watch Report for August 2020 here.
Comments