Real Estate Monthly Market Update – October’2020 - SkillRealty

Real-estate assures greatest return, feeling of gratification, greatest value and less risk. To strike a right deal in the competitive market it’s important to know what’s happening so let’s have a quick look at the Oct 2020 market watch which was recently released by TRREB.

Highlights

Home sales in the Greater Toronto Area (GTA) were up again year-over-year for the fourth month in a row. Our Members made 10,563 sales as reported through the Toronto Regional Real Estate Board’s MLS® System in October 2020. This was up by 25.1 per cent compared to 8,445 transactions in October 2019.

Year-Over Year Summary-

Due to covid we actually had a very unnatural seasonality, we had a spring market that starts at the end of february goes into march then it was going steady till July then again a spike in september 2020 ground breaking sales recorded with 42.5 percent.

“Competition between buyers of single-family homes, and particularly detached houses, remained strong last month and continued to support double-digit annual rates of price growth in many GTA neighborhoods. In contrast, condo buyers have benefitted from much more choice compared to last year. Pre-COVID polling had already pointed to an increase in investor selling in 2020. The pandemic only added to this trend with a stall in economic growth and a halt to tourism impacting cash flows for many investors,” said Lisa Patel, TRREB’s President.

Sales Activity and Average Price-

The average median price in Oct 2020 was $968318 and Average DOM was 16 but as per Sep 2020 stats Average Median price is $895998 and the Average DOM is 14. Now, do you see the average days on the market? It’s actually 16 days. The increased active listings 17,313 are proof of the consistent market growth in sales action.

The MLS® HPI Composite Benchmark was up by 10.8 per cent on a year-over-year basis in October 2020. The average selling price for all home types combined was $968,318 – up by 13.7 per cent compared to $851,877 in October 2019. That’s really a healthy number of differences compared to last year.

As Usual detached home sales topped with the total sales activity of 5,263 so the overall detached house property demand is unbeatable in GTA.

We’ve seen here that unemployment rates go up and basically we have recovered employment but not to the level of where we were before we actually got hit with this pandemic so overall employment is down.