Market won’t slow down… several records have been smashed

By: Thomas Cook

Market won’t slow down… several records have been smashed

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.

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


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