GTA Real Estate Information
4025 Yonge St, Suite 103 M2P 2E3 Toronto, ON, Canada

GTA real estate remained remarkably strong in November with 8,766 sales an increase of 24.3 per cent year over year and a 13.3 per cent increase in the average selling price the highest rate of price appreciation for the month since November 2016. Detached homes, once again, lead the market in sales and saw an increase in average price of 15.2 per cent over November 2019. Most popular were detached homes in the 905 area with sales up by over 33 per cent year over year and accounting for 38 per cent of November’s total sales of all property types. The number of condo sales was typical for the month of November and up slightly from this time last year. However, the 416 area saw prices soften slightly, as the number of new condo listings swelled to nearly double that of November last year.

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October 2020 sales reached record levels with 10,563 home sales representing a 25.1 per cent increase compared to October 2019. The number of new listings added to the market this October was a record 36.4 per cent over the same month last year and the highest increase for the month for the past 20 years. Condos accounted for almost 35 per cent of the 17,802 new listings that came on market. A closer look at the location of these new listings reveals that of the 6,193 condos listed, 72.6 per cent were in the 416. In terms of the 5,263 sales in October, 76.6 per cent were detached homes in the 905. These stats reflect the influence that COVID-19 is having on the ability to work from home and the resulting demand for larger ground-oriented dwellings outside the city core.

On a month over month basis, both actual and seasonally adjusted sales in May 2020 were up substantially compared to April 2020, with an actual sales increase of 55.2%. New listings were up by 47.5% in May compared to April and active listings were up by almost 9%. Prices in May also held up - regaining the drop experienced in April, increasing year over year by 3% and being only 5% off the February pre-pandemic high point this year. With the Bank of Canada’s new Governor, Tiff Macklem, keeping the key interest rate unchanged at one-quarter per cent on June 3, and trimming previous estimates for the economic downturn, there is reason to be optimistic that April was the bottoming out of COVID-19’s impact on the market.

After a stellar 1st Quarter of real estate activity in the GTA that suggested a record breaking spring market was in store, the Coronavirus pandemic and resulting government health and safety measures abruptly changed everything. As expected, social distancing orders have quieted the market. TREB’s April 2020 statistics show the initial impact of COVID-19 with sales and new listings dropping 67% and 64% respectively year over year for all property types, the largest declines ...on record. However, due to the continuing demand on the GTA’s already low inventory, prices remained consistent with those in April 2019. Canadian economic forecasters are in general agreement that the risk of a sharp price decline is low near term, and that price support will continue to soften gradually in the weeks ahead, although not enough to threaten the stability of the market. With employment being a key driver of house prices, this will be an important statistic to watch as the economy reopens. See more