The record pace of home sales continued with strong growth in year-over-year sales for single family homes in the GTA. Home buyers looking to buy single family homes continued to take advantage of low borrowing costs. As market conditions tightened in many of the single-family market Segments in November, this resulted in double digit year-over-year increases in the average selling prices for detached houses, semi-detached houses and townhouses. The average selling price for all home types was $955, 615, which was up by 13.3%.
Conversely, the condominium market has been more balanced compared to previous years. Buyers continue to benefit from more choice in the condo market, particularly in the City of Toronto. The increased number of options has resulted in a slight decline in the year-over-year average selling price. However, it is anticipated that once we move into post-COVID, there will be a resumption in population growth from both immigration and return of non-permanent residents. This will then lead to an increase in demand for condominium apartments (ownership and rental markets).
TRREB MLS Sales & Average Price by Major Home Type (November 1 – 30, 2020)
We see that competition between buyers of single-family homes, and particularly detached houses, remained strong last month and continue to support double-digit annual rates of price growth in many GTA neighborhoods. In contrast, condo buyers have benefitted from much more choice compared to last year. Obtaining the advice a license real estate agent is paramount to discuss strategy, goals and objectives whether buying or selling real estate. With some areas currently in Lockdown or Control levels, we continue with our implemented Sell Safe and Buy Safe Action-Plans and use of digital technologies to perform contactless transactions while staying in line with public health guidelines and Ontario Real Estate Association direction.
Please do not hesitate to contact us at any time. We are more than happy to help answer any questions.
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-Kristina & Rey