Record October sales and highest average sale prices… but downtown condo inventories up by 250%

By: Thomas Cook

Record October sales and highest average sale prices… but downtown condo inventories up by 250%

Big numbers came in once again for October as we’re now into the fall market with record sales of 10,563 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 8.6% with a 29.5% share of the market and 3,113 units being sold.  Although not a record, October 2020 sales were only exceeded by those in 2016 (by just over 300 suites).
The October average sale price for all GTA homes came in at $968,318… a big 13.7% 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 October compared to historical numbers was higher by 12.6% (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.
Despite the busy market… the October ratio stayed steady at 61% while maintaining a very busy seller market.
The days-on-market average for GTA / Toronto homes increased by 1 day to 17 days.
Here’s a snapshot summary of the significant real estate milestones for Toronto in October 2020 as we finish the 9th month of the coronavirus pandemic.

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

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

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