MARKET UPDATE

BY [email protected] | November 17, 2020

Toronto Real Estate Market Report – October 2020

As we enter the third quarter of pandemic activity in the city, one thing is becoming abundantly clear – houses are in high demand… and condos, not so much!

The average price in the city hit a new all-time high of $968,318 – largely thanks to the surge of prices in both the detached and semi-detached house markets. Condos continued to trend down in price with an average price of $668,161 nearly unchanged from last year’s monthly average.  

As rent prices continue to decline for condos (down 15 – 20%), and supply continues to increase, buyers have ample options to choose from. With the holidays around the corner, we’ve advised many clients to hold off on plans to sell (if possible), and revisit listing in the second quarter of 2021.

Three Trends to Watch

  1. a second lockdown may be looming in the city, and with it could come a further hit to consumer confidence. Could this impact all housing styles?
  2. with rent continuing to decline, will condo prices continue to soften?
  3. What impact, if any, will this have on the pre-construction market?

DETACHED HOUSES

1,228 sales took place
67 more homes than the previous month (5.77% increase in sales)
194 more homes than the last year (18.76% increase in sales)
The average price of a detached home was $1,470,857
A decrease of $16,265 compared to the previous month (1.09% decrease in price)
An increase of $147,842 compared to last year (11.17% increase in price)

SEMI-DETACHED HOUSES

416 sales took place
5 fewer homes than the previous month (1.19% decrease in sales)
94 more than the last year (29.19% increase in sales)
The average price was $1,154,087
An increase of $8,528 compared to the previous month (.74% increase in price)
An increase of $54,285 compared to last year (4.94% increase in price)

TOWNHOUSES

409 sales took place
7 more homes than the previous month (1.74% increase in sales)
69 more homes than the previous year (20.29% increase in sales)
The average price was $828,090
A decrease of $39,915 compared to the previous month (4.60% decrease in price)
An increase of $32,975 compared to the previous year (4.15% increase in price)

CONDOS

1,438 sales took place
111 fewer condos than the previous month (7.17% decrease in sales)
137 fewer condos than the previous year (8.7% decrease in sales)
The average price was $668,161
A decrease of $18,030 compared to the previous month (2.63% decrease in price)
A decrease of $5,530 compared to the previous year (.83% decrease in price)

 

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