Market Watch - October 2020
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!
-Kristina & Rey