September 2020 Market Snapshot
Dated: November 17 2020
❗️ 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.
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