An update on what’s going on at the street level, the ground level of the Toronto real estate market and we’re witnessing record breaking sales happening in the month of Sept 2020 compared to the previous year Sept 2019. It enabled the Toronto real-estate to be the wisest investment choice in terms of asset investing.
Toronto Regional Real Estate Board President Lisa Patel announced that sales reported through TRREB’s MLS® System by Greater Toronto Area REALTORS® amounted to 11,083 – a new record for the month of September. This result was up by 42.3 per cent compared to September 2019.
Year-Over Year Summary-
Improving economic condition, Increased sales activity and returning job conditions are healthy signs for well versed economic countries like Canada. If you look at our previous market analysis for Aug 2020 we’ve predicted overall sales approximately will touch 12K.
In Aug 2020 sales were only by 10,775 but the current sales(11,083) number reflects the situation of July 2020 in GTA so there are chances it touches 12K milestone sooner in coming days.
Over a month, look at this 2019 sales compared to 2020 sales were up by 42.3 percent over the last year September. However, active listings on TRREB’s MLS® System at the end of Jun 2020 were by -28.8 percent but notably at the end of Sep 2020 active listings were up by +5.3 percent and respectively it was 5.0 percent in Aug 2020. That’s really a good number of differences compared to last quarter.
Sales Activity and Average Price-
The average median price in Sep 2020 was $905000 and Average DOM was 14 but as per Aug 2020 stats Average Median price is $900000 and the Average DOM is 15. Now, do you see the average days on the market? Is actually 14 days. The increased active listings 18,167 are proof of the tightening market growth in sales action also compared to Aug 2020 it was around 16,662 that’s an 8.6% difference in the current active listing.
MLS® Home Price Index Composite Benchmark was up by 11.6 per cent year-over-year. The average selling price for all home types combined in September was $960,772 – up by 14 per cent 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.
As Usual detached home sales topped at 54.7% in Sept 2020 likewise in Aug 2020 it was 50.6% so the overall detached house property demand has increased in GTA. The Condo Apt market is undergoing an unshaken significant rise of 3.4% as well as 1.1% sales growth observed in Town-House market segments.
As we are all well aware that the new TRESA regulation act 2020 passed recently that enables real-estate specialists to incorporate and be paid through Personal Real Estate Corporations (PRECs). It removes the hurdles for real estate professionals in Ontario to address consumer concerns.
Before completing this analysis this is the right time to invest in Toronto real-estate to yield higher returns in a short time.
To know why ?
If you look at the sales stats on Jan 2020 it was 4,547 sales recorded in GTA but currently, the total growth in sales is 11,083 that’s a big number of difference compared to 2019. Imagine if you did invested around $820,000 on detached house property in April 2020 now it would have yielded a return of 15.8% because the average selling price in GTA in Sep 2020 is $960,772.