September 2020 Market Snapshot
Dated: November 17 2020
Views: 767
❗️ September 2020 Market Snapshot ❗️
.
Following a record third quarter, sales through the first nine months of 2020 were up by approximately 1% 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.
.
Year-over-year sales growth in September continued to be driven by detached and semi-detached houses and townhouses. Annual growth rates were also higher for sales reported in the GTA regions surrounding the City of Toronto. The September 2020 MLS Home Price Index Composite Benchmark was up by 11.6 % year-over-year.
.
The average selling price for all home types combined in September was $960,772 – up by 14 % year-over-year.
.
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.
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.
Lindsay Reimers
As a real estate professional, I believe in personalized service and solid communication. I have been a full-time, full-service Realtor for more than 10 years now with sales across Toronto and the Gre....
Latest Blog Posts
Market Snapshot for the City of Toronto’s real estate sales for September 2017. Overall prices have had a modest increase (5.85%) year over year, with condo units actually seeing the biggest
Toronto Real Estate Board (TRREB); All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested