NEWS

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.


It’s our family helping yours!


Keep safe.


-Kristina & Rey



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This was another month where prices were up year-over-year. Strong competition between buyers of single-family homes, especially for detached homes, continued last month, which supported the price growths in many GTA neighbourhoods. Conversely, condo buyers have benefitted from more options compared to last year. The condo apartment segment has seen more than double the new listings versus October 2019 with sales up by 2.2% over the same period.


Home purchases have been kept top of mind for many GTA residents as a result of the economic recovery in some sectors and low borrowing costs. The average selling price for all home types combined was up by 13.7% at $968,318 compared to $851,877 in October 2019.


TRREB MLS Sales & Average Price by Major Home Type (October 1 – 31, 2020)


It seems that the high demand for housing will continue, looking beyond COVID-19, with the assumption that economic recovery and immigration continue. With the Government of Ontario’s announcement of its Keeping Ontario Safe and Open Framework, 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.


We are more than happy to help answer any questions you may have. So please feel free to reach out to us at any time.


It’s our family helping yours!


Keep safe.


-Kristina & Rey


The improving economic conditions and low borrowing costs helped in sustaining record-level sales in September, with sales up by 42.3% when compared to September 2019. This has also been fueled by the ongoing pent-up demand from the Spring downturn. It will be extremely important to monitor the direction of COVID-19 cases as we enter the 2nd wave of the coronavirus. Further improvements in the economy as well as job growth would further support strong home sales moving forward; however, the response from the government, and the impact on jobs and consumer confidence will be a factor affecting market conditions.


The average selling price for all home types combined (detached, semi-detached and townhouses) in September was up by 14% year-over-year at $960,722. This price growth was driven by the low-rise market segments with the increasing amounts of competition between buyers. The relatively better supplied condominium apartment segment, on the other hand, saw a comparatively slower pace of price growth.


TRREB MLS Sales & Average Price by Major Home Type (September 1 – 30, 2020)

It remains important to get a pulse of the market in your neighbourhood by working with a Real Estate Agent, to price your home accurately as well as effectively advertise and market your listing. Similarly, if you’re in the market to buy, a Real Estate Agent can enable you to get a sense of the market values in the areas that you may be considering.


We continue with our implemented Sell Safe and Buy Safe Action-Plans and use of digital technologies to perform contactless transactions. Please feel free to reach out to us at any time and we are glad to help answer any questions.


It’s our family helping yours!


Keep safe.


-Kristina & Rey



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