September Market Stats In Review

September Market Update

Following a record third quarter, sales through the first nine months of 2020 were up by approximately one percent compared to the same period in 2019.

Improving economic conditions and extremely low borrowing costs sustained record-level sales in September, as we continued to account for the substantial amount of pent-up demand that resulted from the spring downturn.

The average selling price for all home types combined in September was $960,772 across the GTA – up by 14 percent year-over-year. Whereas within Toronto specifically, the average selling price was $1,022,051 - up by nearly 16% since September 2019.

Price growth was driven by the low-rise market segments. The relatively better-supplied condominium apartment segment experienced a comparatively slower pace of price growth.

On a GTA-wide basis, market conditions tightened in September relative to last year, with sales increasing at a faster pace than new listings. With competition between buyers increasing noticeably, double-digit year-over-year price growth was commonplace throughout the region in September, resulting in the overall average selling price reaching a new record. 

What Does This Mean?

We are seeing an overall average price increase throughout all types of homes but this number is being carried by low-rise, detached, semi-detached, and rowhouses. Whereas condos specifically in and around the downtown core are being sold at an average of 99% of the list price due to the large supply. Now this supply can be based on a number of things:

- Homeowners wanting larger spaces for new work from home orders.

- New AirBnB/Short term rental restrictions putting more condos both on the rental and sale markets

- People taking advantage of the low-interest rates to upsize or move out of the city.

- Unfortunate career situations where people are forced to sell.

How Does This Impact You?

If you've been thinking about moving and are curious as to how these stats may affect your move over the next few months reach out and I'd be happy to explain them to you.

• Information pulled from torontomls.net official market report.