The PSR Market Report | August 2020
Greater Toronto Area (GTA) home sales continue to grow at a record rate for the month of August, with 10,775 residential sales reported through TRREB’s MLS® System – up by 40.3% compared to August 2019.
Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding GTA regions. Low-rise market segments, including detached and semi-detached houses and townhouses, were the drivers of sales growth. Condominium apartment sales were up on an annual basis for the second straight month but to a lesser degree.
“Increased demand for ownership housing has been based on improving economic conditions, in terms of monthly GDP growth and job creation, and the continuation of very low borrowing costs. In addition, fewer households have chosen to go on vacation as a result of COVID-19 and instead have remained in the GTA and been active in the housing market, satisfying pent-up demand from the spring,” said Ms. Patel.
New listings entered into TRREB’s MLS® System during the month and the number of active listings at the end of the August 2020 were up on a year-over-year basis. While new listings were up strongly for all home types, growth in new condominium apartment listings far outstripped growth in the other market segments. Over the same period, the overall average selling price was up by 20.1% to $951,404.
“Generally speaking, market conditions remained very tight in the GTA resale market in August. Competition between buyers was especially strong for low-rise home types, leading to robust annual rates of price growth. However, with growth in condominium apartment listings well-outstripping condo sales growth, condo market conditions were comparatively more balanced, which was reflected in a slower pace of price growth in that segment,” said Jason Mercer, TRREB’s Chief Market Analyst.
Stats via TRREB
Interested in last month’s PSR Market Report? Read our July 2020 PSR Market Report here.
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