20 Oct Toronto Market Update | September 2020
A new record for the month of September, residential sales across the GTA hit 11,083 recorded transactions, an increase of 42.3% year over year. Driven by low-rise segments of detached, semi-detached houses and townhouses, September saw an increase of 14% in average sale price to $960,772 year over year across the GTA.
Toronto saw 3,555 sales across all residential market segments with an average sales price of $1,022,051, an increase of 11.94% from September 2019.
Sales activity for detached homes increased by 28.1% with 1,161 sales and average prices up by 9.4% to $1,487,122. Semi-detached sales activity increased by 48.8% with 421 sales and an increase in average price of 7.2% to $1,145,559. With 402 sales, townhome activity increased by 21.5% with the average price increasing by 10.3% to $868,005.
Condo sales activity in Toronto increased by 7% with 1,549 sales recorded this past month and the average price increased by 7.7% to $686,191 year over year.
For September 2020, the MLS Home Price Index Composite Benchmark increased by 11.6% year over year. The increase demand for home ownership has been based on very low borrowing costs, fewer people vacationing and satisfying pent-up demand from the spring. The housing market recovery benefitted the broader economy and as we look ahead towards the winter months, there’s hope that the demand for housing and related economic impacts will continue.