December 3, 2020 | Buying
The record remains unbroken as the pace of home sales in the fall persists at a strong rate. 8,766 sales were reported in November by GTA Realtors through TRREB’s MLS system.
The strength of year-over-year growth was predominantly apparent within the single-family home types within the GTA. Home Buyers continued to reap the benefits of low borrowing costs in November- especially those looking to buy some form of single-family home. Buyer competition has been extremely fierce in many neighbourhoods throughout the GTA, which has carried on the double-digit annual rates of price growth.
The average selling price for all home types combined was up by 13.3 per cent to $955,615. The MLS HPI Composite Benchmark increased by 10.6 percent in November 2020 compared to November 2019.
Market conditions intensified in many single-family market segments in November, resulting in double-digit year-over-year increases in average selling prices for detached houses, semi-detached houses and townhomes.
Furthermore, Buyers continued to benefit from a variety of choices in the condominium apartment market compared to last year in the City of Toronto. The numbers nearly doubled in new listings for November 2020 compared to the numbers we saw in November last year. More choice in the condo apartment market translated into a minor year-over-year decline in the average condo selling price in Toronto.
Overall, the condominium apartment market is certainly more balanced than we’ve seen in previous years, with some Buyers benefitting from lower selling prices compared to 2019. However, this is believed to be somewhat of a short-term phenomenon. Once our city transitions into the post-COVID-19 period, we will begin to witness a resumption of population growth, both for immigration and the return of non-permanent residents. As a result, increasing the demand for ownership and rental of condominium apartments.
There is no doubt that transacting in Real Estate at this time has proven to be more difficult, however, not nearly impossible. We have had the pleasure of servicing a number of our clients during this pandemic resulting in successful and most of all SAFE transactions throughout. Severe precautions are in place, and while we keep those in the forefront, we are still here to offer our guidance and expertise to help you make the next real estate move that is right for you and find ways to take advantage of the current Toronto Real Estate Market. Contact us today for a no-obligation discussion on how we can help you throughout your real estate journey.