Big numbers came in once again for August as the traditionally slower summer month showed record sales of 10,775 sales of houses and condos across the GTA. Our real estate market is displaying the pent-up demand generated after months of being shut down due to Covid.
Condo townhouse and high-rise suite sales were up by 16.6% with a 28.8% share of the market and 3,104 units being sold. Although not a record, August 2020 sales were only exceeded by those in 2016 (by just over 400 suites).
The August average sale price for all GTA homes came in at $951,404… a big 20.1% 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 August compared to historical numbers was higher by just 5% compared to last year at this time.
Compare that slight inventory increase to a 40% 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 August ratio declined slightly to 64.7%... still a very busy seller market.
The days-on-market average for GTA / Toronto homes remained steady at 17 days.
Here’s a snapshot summary of the significant real estate milestones for Toronto in August 2020 as we finish the 6th month of the coronavirus pandemic.
- August sales were 39.7% higher than last year (10,775) – a record for August on TRREB
- The ratio of sales-to-listings declined slightly to 64.7% in August – still in busy seller market territory
- The August average sale price came in at $951,404– 20.1% above August 2019 and the highest EVER average sale price for the GTA
- The GTA real estate market overall averaged 17 days-on-market
- Detached home sales in August 2020 with a purchase price over $2,000,000 were up a big 152% (377 houses) while condo apartment sales over $2M were up by a busy 260% (18 suites) compared to August 2019
- The CONDO share of the market was steady at 28.8% during the month
- Downtown condo active listing numbers were UP by a big 162% in C01 and by 242% in C08 from last year at this time
- August condo sales were flat in C01 and increased in C08 by 22.3% compared to 2019
- The downtown condo days-on-market average was 19 days in C01 and 20 days in C08
- The ratio of sales-to-listings for condos downtown continued to show significant declines in C01 (from 62% in 2019 to 23.8%) and in C08 (from 70% in 2019 to 24.9%)
- Even when influenced by the lower demand and higher inventories due to the virus effect, condo values still beat the averages seen in August 2019 and appreciation gains over the last 12 months stayed strong
- August saw detached homes in the 905 appreciate by an average 18.5% while sales were up over 47%. 905 condo apartment sales were up 14.5% while average sale prices rose by 12.9%
- 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
Here's the complete text version of the August 2020 Toronto Real Estate Market Report to read.
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