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.