GTA Real Estate Market October 2020 TRREB Report

GTA Real Estate Market October 2020 Summary

As per the Toronto Regional Real Estate Board (TRREB), home sales in the Greater Toronto Area (GTA) were up again year-over-year for the fourth month in a row in October 2020. There were 10,563 sales reported through the MLS® System, which is 25.1% up compared to 8,445 transactions in October 2019.

The pace of detached home sales was higher than the growth in new listings. On the other hand, we saw double the number of new listings for condominium apartments with sales up only by 2.2% as compared to 2019. This is not surprising as we had also reported in our earlier blog posts on the condo market in Mississauga & the condo market in Toronto, a lot of investors are choosing to sell their units dues to the high vacancy rates being experienced currently.

As noted in our Fall 2020 Real Estate Market Outlook, the COVID 19 pandemic has shifted consumer desire away from high-rise condo apartment living and moved to townhomes, semis & detached homes. Current low interest rates are further enticing people to buy or move up into a home, even if it means moving away from the core city centres.

The average selling price for all home types combined was $968,318 which is up by 13.7% compared to $851,877 in October 2019.

“Year-to-date home sales through October were above last year’s level. The economic recovery in some sectors coupled with low borrowing costs has kept home purchases top-of-mind for many GTA residents. With this being said, we have not accounted for all of the pent-up demand that resulted from the spring downturn. Expect record or near-record home sales for the remainder of 2020,” says Jason Mercer, TRREB’s Chief Market Analyst.

Read Full TRREB October 2020 Market Watch Report

View TRREB Housing Market Charts October 2020

Sales & Average Home Price by Major Home Type: 416 vs. 905 Areas of the GTA

GTA Area Map

SALES & AVERAGE PRICE BY MAJOR HOME TYPE
October 2020
Sales Average Price
416 905 Total 416 905 Total
Detached 1,228 4,035 5,263 1,470,857 1,123,886 1,204,844
Semi-detached 416 655 1,071 1,154,087 796,557 935,429
Townhouse 409 1,433 1,842 828,090 725,079 747,951
Condo Apt 1,438 822 2,260 668,161 541,582 622,122

Average Prices by Home Type – October 2020

Detached Home Average Price by City – October 2020
Detached  Semi-Detached Condo Towns Condo Apartment
Burlington $1,189,011 $806,656 $640,272 $556,515
Milton $1,144,798 $811,608 $584,305 $524,619
Oakville $1,666,600 $880,778 $657,712 $642,163
Brampton $996,584 $778,099 $587,405 $464,792
Mississauga $1,239,382 $848,990 $664,274 $536,435
Toronto $1,470,857 $1,154,087 $722,117 $668,161

Source: TRREB Oct 2020 Market Watch

View TRREB October 2020 Market Watch for Prices for other Cities.

Search For Sales Listings in Mississauga & Other Parts of the GTA.


Contact Team Kalia to Buy or Sell Your Home or Condo

    Your Name (required)

    Your Email (required)

    Phone (required)

    Are you in the market to? (required)

    BuySellInvestEvaluate PropertyOther

    Additional comments and information

    captcha