It’s A Tale Of Two Markets…

By: Thomas Cook

It’s A Tale Of Two Markets…

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our NOVEMBER 2020 Toronto real estate market report.
 
We’ve had some exceptional highs and some surprising lows in November.
 
So… let’s review some of the Toronto Real Estate Board statistics and see what’s happened.
 
Big numbers came in once again for November as we’re now ending the fall market with record sales of 8,766 sales of houses and condos across the GTA.  Low interest rates and high demand are continuing to boost our local market.
 
Sales were up 24% from November 2019.
 
Condo townhouse and high-rise suite sales were up by 12% with a 31.3% share of the market and 2,746 units being sold.  Although not a record, November 2020 sales were the 3rd highest ever with a higher number of townhouses being sold making the difference.
 
The November average sale price for all GTA homes came in at $955,615… a big 13.3% 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 November compared to historical numbers was higher by 15.4% (mainly condo suites) compared to last year at this time.
 
Compare that slight inventory increase to a 24% 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.
 
With our busy market… the November ratio increased slightly to 63.5% to maintain a very busy seller’s market.
 
The days-on-market average for GTA / Toronto homes increased by 2 days to 19 days.

Here’s a snapshot summary of the significant real estate milestones for Toronto in November 2020 as we finish the 9th month of the coronavirus pandemic.

 

Keep Up To Date With Toronto's Real Estate Market
 
Every month we communicate with our readers to give them accurate insights and statistics about what's happening in the Toronto and GTA real estate markets.
 
Subscribe to our free monthly FYI Newsletter HERE.