16 Dec Toronto Market Update | November 2020
Toronto’s record pace of home sales continued through November, with 8,766 sales reported across the GTA. Year over year growth in sales of single-family homes was stronger in the regions surrounding the city, but annual growth rates remained robust in the 416.
Many have continued to take advantage of very low borrowing costs, and with tightened market conditions, competition for low-rise single-family homes remained high. Annual rates of price growth were pushed into the double digits for detached, semi-detached houses and townhouses.
In Toronto, detached home sales activity increased by 19.3% with 933 sales in November, and the average price rose by 8.7 to $1,477,226 year over year. Semi-detached homes experienced a flurry of activity with 336 sales, up by 36% from last November and average sale prices increased by 8.8% to $1,160,911. Similarly, 362 townhouse sales were recorded for an increase of 24% in sales activity, with prices up by 7.3% to $819,752.
The MLS HPI Composite Benchmark was up by 10.6% in November 2020 compared to last year. The average selling price for all home types combined was up by 13% to $9955.615.
With greater inventory in the condo market, many buyers have continued to benefit from having more choices than last year, specifically for downtown condos. New condo listings in November was nearly double that of November last year. With 1,375 recorded sales activity increased nominally by 0.8%, the average sale price saw a small -3% decline.
The condo market is more balanced than in previous years, and savvy buyers are benefitting from lower selling prices compared to last year. However, this may be short-lived. As we progress towards a post-COVID time, we’ll see an increase in population growth from immigration and a return of non-permanent residents. And this will result in a demand for condo ownership and rentals.