AUGUST 2020 RESALE HOUSING TRREB REORT

 September 3, 2020 – Toronto Regional Real Estate Board announced that the strong rebound in Greater Toronto Area (GTA) home sales continued with a record result for the month of August. 

• GTA REALTORS® reported 10,775 residential sales through TRREB’s MLS® System in August 2020 – up by 40.3 per cent compared toAugust 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.
•  It should be noted that the 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,” 
• While new listings were up strongly for all home types, growth in new condominium apartment listings far outstripped growth in the other market segments.
•  The MLS® Home Price Index Composite Benchmark was up by 11.1 per cent in August 2020 compared to August 2019. Over the same period, the overall average selling price was up by 20.1 per cent to $951,404. 

Annual detached and semi-detached sales growth was stronger in the comparatively more-expensive City of Toronto compared to the surrounding GTA regions, which helps explain why growth in the overall average selling price outstripped growth in the MLS® HPI Composite Benchmark.

source TRREB