27 Sep Toronto Market Update | August 2020
August was another record month for Toronto’s real estate market, with home prices staying as hot as the weather.
Residential sales increased in August with 10,755 recorded sales – up an incredible 40.3% year over year – across the GTA. The major segment that revved sales growth were low-rise home types, including detached, semi-detached and townhouses. Competition remained fierce between buyers for low-rise homes, but condos were more balanced as new listings outnumbered sales, reflecting a slower pace of price growth.
August saw at 56.8% increase in new listings with 148,491 properties listed for sale and average selling prices increased by 20.1% across the GTA compared to August 2019.
Semi-detached homes saw the highest increase of sales activity at 81.2% with average sale price climbing by 21.9% to $1,166,226. The average price of detached homes increased similarly by 21.4% to $1,505,100 with a 65.3% increase in sales across Toronto year over year. Condo sales increased by 9.2% across Toronto in August, with prices increasing by 8.7% compared to last year.
The MLS Home Price Index Composite Benchmark was up by 11.1% compared for August 2019. detached and semi-detached sales growth was stronger in Toronto compared to the surrounding GTA areas, which points to why the growth in overall selling price outstripped growth in the MLS HPI Composite Benchmark.
The commercial sector experienced a decrease of -61.2% in sales activity and leasing activity declined by -37.3% year over year for Q2. Retail lease rates increased by 3.9%, as well as office lease rates by 8.9% compared to Q2 of last year.