Greater Toronto Sets Another Milestone in Real Estate
Tuesday Oct 06th, 2020
Another month, another milestone! Probably, that’s the mantra the real estate market of Toronto is following by setting another milestone back-to-back. With the pandemic outbreak around the world, the real estate industry is facing issues to cope up with the situation. However, Toronto condos for sale are dealing with another surge price situation in the real estate market.
The Toronto Regional Real Estate Board (TRREB) has released its latest housing report for the month of August. According to the report, Toronto condos for sale have witnessed prices surge by 20%. The report also revealed that on a year-over-year basis, the sales have recorded at 10,755 - up a staggering 40.3% annually across the Greater Toronto Area (GTA) regions.
Although, in the month of August the low-rise market segments, like semi-detached and detached townhomes and houses, were the drivers of sales growth. Moreover, Toronto condos for sale witnessed another rise on an annual basis but to a lesser degree.
TRREB President, Lisa Patel, mentioned that the market is witnessing the increased demand for the ownership of housing because of the improving economic conditions. Consequently, the monthly economy has observed job creation and growth, while resulting in the continuation of very low borrowing costs.
For the second month straight, Lisa Patel also said that lack of travelling amid COVID 19 is a major reason behind the increased activity in the GTA housing market. Hence, it has been satisfying pent-up demand from the spring when travel restrictions and stay-at-home orders were first imposed.
A Brief summary of TRREB MLS®
The real market in Toronto has witnessed an increase in every aspect of housing. From the demand of Toronto condos for sale to average prices, the market has delivered another milestone for the market.
With new listings, prices and sales for all types of homes, the market has outstripped growth in the market segment.
According to the recent TRREB’s MLS® System’s report, there has been a rise in the number of active listings in August. The real estate market has experienced a rise of 66% year-over-year in August to 7,391 from 3,727 listings. While the active listings were up strongly for all Toronto condos for sale, low-rise market segments also soared in August.
With a rise in new listings, the real estate market observed that people are inkling towards buying ground-level homes more. Stating facts, detached houses are sold for $1,505,100 on average with an increase of 21.4% as compared to last August. Moreover, with 1,099 detached house transactions, it represents a 63.5% year-over-year increase. Also, with 337 semi-detached house sales, the market has seen an 80% increase from last August.
The TRREB’s Chief Market Analyst Jason Mercer stated “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.”
The market has just not only experienced growth in Toronto condos for sale listings and prices, but also in sales. As per the latest report, the condo sales have risen by 10.9% across the GTA in August. Moreover, 905 regions have witnessed the biggest jump in condo transactions, with a 14.5% increase compared to 9.2% in the city of Toronto. Also, the condo prices for the 905 regions are up by 12.9% as compared to 8.7% in Toronto.
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