Toronto Market Update: October 2020

Posted by Nutan Brown on Wednesday, October 14th, 2020 at 7:59am.

Toronto’s housing market experienced another month where sales and prices hit record highs, even as COVID-19 cases increased and the Canada Emergency Response Benefit (CERB) wound down.

According to the Toronto Regional Real Estate Board (TRREB) the average selling price of all homes in September was $960,772, up 14% from the same time last year. Sales were also up last month by 15% compared to last year, while average days on market dropped 30.4% to 16.

Pent up demand was once again considered the catalyst for another record month, combined with low interest rates.

The average price of a condo in the city rose to $593,497, up 7% from September last year. In comparison, sales of semi-detached houses were up by 49%, townhouses increased by 22%, and detached properties were up by 28%.

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In the surrounding suburbs and regions, sales of detached houses were up 64%, closely followed by other low-rise homes.

Further improvements in the economy moving forward should continue to support strong home sales, but it will be important to monitor the trajectory of COVID-19 cases heading into the winter. Changes in government policies, employment, and consumer confidence could steer the real estate market in another direction.

With all the uncertainty surrounding Toronto’s housing market, having a Realtor who can guide you through the home buying/selling journey is extremely important. If you’re planning to enter the market and have any questions, please feel free to contact me anytime.

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