Toronto Regional Real Estate Board President Lisa Patel announced that sales reported through TRREB’s MLS® System by Greater Toronto Area REALTORS® amounted to 11,083 – a new record for the month of September. This result was up by 42.3 per cent compared to September 2019. Following a record third quarter, sales through the first nine months of 2020 were up by approximately one per cent compared to the same period in 2019.
“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.
Year-over-year sales growth in September continued to be
driven by ground-oriented market segments, including detached and semi-detached
houses and townhouses. Annual growth rates were also higher for sales reported
in the GTA regions surrounding the City of Toronto.
The September 2020 MLS® Home Price Index Composite Benchmark
was up by 11.6 per cent year-over-year. The average selling price for all home
types combined in September was $960,772 – up by 14 per cent year-over-year.
Price growth was driven by the low-rise market segments. The relatively better
supplied condominium apartment segment experienced a comparatively slower pace
of price growth.
“On a GTA-wide basis, market conditions tightened in
September relative to last year, with sales increasing at a faster pace than
new listings. With competition between buyers increasing noticeably,
double-digit year-over-year price growth was commonplace throughout the region
in September, resulting in the overall average selling price reaching a new
record,” said Jason Mercer, TRREB’s Chief Market Analyst.
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