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