According to TRREB President Lisa Patel, the total home sales of 11,083 is a new record for the month of September. This was a 42.3 percent increase compared to the same month of the previous year. Additionally, sales for the first nine months of this year was up by 1% compared to the same period in 2019.
Just like in the previous month, low mortgage rates and economic improvements continue to propel strong home sales. The Bank of Canada promised to extend low interest loan rates up to next year. The Canadian Emergency Wage Subsidy which helps protect employees from losing their jobs was also extended until the end of 2020.These factors might have well contributed to homebuyers regaining confidence in the market.
There is still a high demand for low-rise market such as townhouses, semi-detached and detached homes resulting to price growth. On the other hand, condo apartments see a slower price growth due to abundant supplies.
Here are the numbers presented by TRREB in their latest September 2020 statistical update for GTA.
Source: TRREB October 5, 2020
Year-over-year Total Residential Transactions
September 2019 - 7,791
September 2020 – 11,083
Sales for all major home types are up by 42.3% compared to last year. However, month-to-month sales show a little drop.
August 2020 – 10,309
September 2020- 9,767
There is a decrease of 5.3% in sales compared the previous month.
The number of home sales in September increased by 42.3% on a year-over-year basis, but a 5.3% decrease from last month.
The average selling price of homes continues its upward trend as well.
September 2019 - $ 842,421
September 2020 – $ 960,772
There is a 14% increase in selling price compared to last year.
There is a slight decrease in the month-to month average selling price.
August 2020 – $ 982,788
September 2020 – $ 949,681
There is a decrease of 3.4% in selling price compared the previous month.
Total New Listings added to the Market
September 2019 – 15,616
September 2020 – 20,420
The number of new listings increased by 30.8% in a year-over-year basis.
The September 2020 % Sales-to-New Listings Ratio of 54% increased by 4% compared to 50% of September last year.
There has been a total of 2,367 sales for condo apartments in the month of September. This is an increase of 14.6% from last year. The average selling price is currently at $634,756 which is 6.6% higher from the previous year.
There were 1,897 transactions for townhouses, an increase of 46.9% from same month of last year. The average sold price is 10.5% higher at $748,437 compared to previous year.
Well that’s all for September stats! The housing market in GTA continues to be busy as homebuyers try to catch up from their halted springtime market activities. With the increasing demands for ground-oriented housing, it is expected that the average selling price will continue to increase as well. If you prefer smaller spaces, now might be a good time to buy your own condo apartment given the slow growth in selling price.
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