by Nutan Brown
on Monday, November 23rd, 2020 at 8:51am.
The weather may be getting cooler, but the Toronto housing market continued its hot streak in October with another record breaking month. Competition between buyers, particularly of single family homes, remained strong and continued to support double-digit annual growth in many neighbourhoods.
According to the latest TRREB report, a total of 10,563 homes were sold in October, which is a record level for the month and up by 25.1% from the 8,445 transactions made in October 2019.
TRREB also reported that the average selling price for a home in the city climbed to $1,025,925. Semi-detached Toronto homes averaged $1,154,087, and detached Toronto homes are 11.2% higher than this time last year, averaging $1,470,857.
But the recent success of the housing market has not benefited all homeowners equally. While detached and semi-detached homes sold for premiums, the downtown condo market flattened, with only 1,438 recorded sales in October compared to 1,575 sales during the same time last year.
It is projected that working from home, desire for privacy, and outdoor space will continue to drive the housing market heading into the winter. The GTA has benefited from this trend, with home sales up for the fourth month in a row year-over-year.
With the uncertainty of COVID19, there’s no telling how the real estate market will respond in the coming months. Stay tuned for our year end blog where we touch on the highlights of 2020 and make our predictions for the year ahead.
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