Market Watch - September 2020
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!
-Kristina & Rey