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.
- September sales were 41.6% higher than last year (11,083) – a record for September on TRREB
- The ratio of sales-to-listings declined slightly to 61% in September – still in busy seller market territory
- The September average sale price came in at $960,772– 14% above September 2019 and the highest EVER average sale price for the GTA
- The GTA real estate market overall averaged 16 days-on-market
- Detached home sales in September 2020 with a purchase price over $2,000,000 were up a big 89% (412 houses) while condo apartment sales over $2M were up by a busy 63% (26 suites) compared to September 2019
- The CONDO share of the market was steady at 29% during the month
- Downtown condo active listing numbers were UP by a big 195% in C01 and by 265% in C08 from last year at this time
- September condo sales were up 15% in C01 and increased in C08 by just 3% compared to 2019
- The downtown condo days-on-market average was 20 days in both C01 and C08
- The ratio of sales-to-listings for condos downtown continued to show significant declines in C01 (from 52% in 2019 to 20.6%) and in C08 (from 68% in 2019 to 19.3%)
- Even when influenced by much higher inventories due to lower tenant demand, lower immigration into Toronto and restrictions on Airbnb rentals, condo values still beat the averages seen in September 2019 and appreciation gains over the last 12 months stayed strong throughout the GTA
- September saw detached homes in the 905 appreciate by an average 17% while sales were up over 64%. 905 condo apartment sales were up 32% while average sale prices rose by 8%
- It looks like pent-up buyer demand and very low interest rates will continue to spur the market throughout the fall season as long as we keep a handle on Covid case numbers and more shutdowns to our economy don’t happen
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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