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.