Highest ever average sale prices… 200%+ increase in downtown condo inventory

By: Thomas Cook

Highest ever average sale prices… 200%+ increase in downtown condo inventory

Big numbers came in once again for September as the start of the fall market again showed record sales of 11,083 sales of houses and condos across the GTA.  Low interest rates and high demand are continuing to boost our local market.
Condo townhouse and high-rise suite sales were up by 20.7% with a 29% share of the market and 3,213 units being sold.  Although not a record, September 2020 sales were only exceeded by those in 2016 (by just over 100 suites).
The September average sale price for all GTA homes came in at $960,772… a big 14% increase compared to one year ago.
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The inventory average for the month of September compared to historical numbers was higher by just 5% compared to last year at this time.
Compare that slight inventory increase to a 42% year-over-year sales increase.  That’s why we’re seeing such a big jump in appreciation.
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in.  24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
Despite the busy market… the September ratio declined slightly to 61%... still a very busy seller market.
The days-on-market average for GTA / Toronto homes dropped 1 day to 16 days.

Here’s a snapshot summary of the significant real estate milestones for Toronto in September 2020 as we finish the 7th month of the coronavirus pandemic.

Watch the video to get the complete September 2020 Market Report details.

Here's the complete text version of the September 2020 Toronto Real Estate Market Report to read.

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