An update on what’s going on the ground level of the Toronto real estate market and we’re seeing a good number of sales happening in the month of Aug 2020. The real estate market trends offers the people to think about investing in a real estate because coming days are going to be golden times for the people who prefer to invest in real estate at GTA.
Toronto Regional Real Estate Board (TRREB) President Lisa Patel announced that the strong rebound in the Greater Toronto Area (GTA) home sales continued with a record result for the month of August. GTA REALTORS® reported 10,775 residential sales through TRREB’s MLS® System in August 2020 – up by 40.3 per cent compared to August 2019.
Year-Over Year Summary-
New and active listing percentages are rose up and that’s a healthy sign of market is moving to uptrend comparing to April 2020 total sales were just 2975 but the uptrend started from May to till July with the sales record of 11081 which is all time high so far in the year of 2020 but then during August it’s slightly down by 2 points because of people take holidays and it does typically slow down a little.
Over a month, The 2019 sales compared to 2020 sales were up by 40.3 percent over the last august it’s a fantastic increase in numbers. However, active listings on TRREB’s MLS® System at the end of July 2020 were by -16.3 per cent but notably at the end of Aug 2020 active listings were up by +5.0 percent. That’s really a good number of differences.
Sales Activity and Average Price-
The Average median price in July 2020 was $875000 and Average DOM was 15 but as per June 2020 stats Average Median price is $890763 and the Average DOM is 13. Now, do you see the average days on the market? Is actually 15 days. Which means the market is going steady and the average price is $903999 but back in April 2020 it was $865000 that is a 4.4 percent difference.
The MLS® Home Price Index Composite Benchmark was up by 11.1 per cent in August 2020 compared to August 2019. Over the same period, the overall average selling price was up by 20.1 per cent to $951,404. Annual detached and semi-detached sales growth was stronger in the comparatively more-expensive City of Toronto compared to the surrounding GTA regions, which helps explain why growth in the overall average selling price outstripped growth in the MLS® HPI Composite Benchmark.
Average and benchmark selling prices were up year-over-year for all major home types. Despite the tight market condition in GTA and now let predict what is going to happen in the end of September 2020 on overall total sales. During Sept 2019 the total sale was 7,791 but if this uptrend continues in the following days then in this month there will be predicted growth in the total sale of around 12,400 approximate.
Good news is, the sales were going well on all major home types, both in the City of Toronto and surrounding GTA regions. Sales comparison by property type, there is a sales up by 50.6 percent in Detached home type compared to the year 2019. Semi-Detached and Townhouse have a difference of around 66.8 and 45.8 percent respectively but the Condo market is only up by 10 percent if we go back in 3 or 4 years the condo market was the strongest.
Significant rise in sales percentages on Detached, Semi-Detached and Townhouse is a result of Covid 19 pandemic because people who are working virtually and living in condo decided to start looking out for more spaces so the condo won’t suit them thus created a sales opportunity on other house types in the market.