Toronto Real Estate Market Update - Nov 2020

Ishtiaq Ahmed Realtor | www.iwillsell.ca | Century21 Innovative Realty Inc.

The fall home sales record pace continued with 8,766 sales reported in November through the (TRREB) MLS® System. This result was up by 24.3 per cent compared to November of last year.

Generally speaking, year-over-year sales growth in the GTA regions surrounding Toronto was stronger for single-family homes, but growth rates remained high in the ‘416’ area code as well.

“Home buyers continued to take advantage of extremely low interest rates in November, especially single-family home buyers. Competition between buyers for ground-oriented homes has been extremely strong in many neighbourhoods throughout the GTA, which has continued to support double-digit annual rates of price growth,

In the GTA, Oakville-Milton, and Mississauga, prices increased by 10 to 15 per cent compared to last November.

As I mentioned earlier, there were 8,766 home sales in November 2020, up from 7,054 the year before. This was a 24.7% increase. The average home price was $955,615, an increase of 13.3% from $843,307 a year earlier.

The average Detached Homes price was more than 1.2 million dollars, up by 15.2%.

The price of semi-detached homes increased by 12.9% to 946,735 dollars.

The condos segment saw a decrease of -2%. Almost double the number of condos hit the market this November as compared with November of last year.

Low-rise, suburban homes have become increasingly popular since the outbreak of COVID-19, as telecommuting and stay-at-home restrictions have led buyers to seek space over the convenience of Downtown.