October 2020

Home sales in the Greater Toronto Area (GTA) were up again year-over-year for the fourth month in a row. Last month has 10,563  families purchase their next home, this was up by 25.1 per cent compared to 8,445 transactions in October 2019.

Sales and new listings reached record levels for the month of October. In the detached market segment, the pace of annual sales growth far outstripped growth in new listings. Conversely, the condominium apartment market segment experienced more than double the new listings compared to October 2019, whereas sales were only up by 2.2 per cent over the same period.

Competition between buyers of single-family homes, and particularly detached houses, remained strong last month and continued to support double-digit annual rates of price growth in many GTA neighbourhoods. In contrast, condo buyers have benefitted from much more choice compared to last year. Pre-COVID polling had already pointed to an increase in investor selling in 2020. The pandemic only added to this trend with a stall in economic growth and a halt to tourism impacting cashflows for many investors,

The average selling price for all home types combined was $968,318 – up by 13.7 per cent compared to $851,877 in October 2019. Furthermore, 1-bedroom condominium suites continue to increase in price to due to the demand. This year, 1-bedroom suites have increased by 4.72% compared to last year - and have not slowed down for the past nine-years.

Year-to-date home sales through October were above last year’s level. The economic recovery in some sectors coupled with low borrowing costs has kept home purchases top-of-mind for many GTA residents. With this being said, we have not accounted for all of the pent-up demand that resulted from the spring downturn. Expect record or near-record home sales for the remainder of 2020,

If you have been considering when is the right moment to purchase your next home, consider the current factual update and if you have specific question relating to your plans. We also have exclusive agreements to Toronto developers and current holding pre-sales event for Freehold homes and Condos properties.

NuVilla Real Estate Group - Toronto, MIssissauga, Durham, and York Region