Rebecca McAllister

According to the Toronto Real Estate Board home sales in the Greater Toronto Area (GTA) were up again year-over-year for the fourth month in a row. Although the condominium apartment market segment experienced more than double the new listings compared to October 2019, whereas sales were only up by 2.2 per cent over the same period. Meaning there is more supply than demand. Lisa Patel, TRREB’s President said Competition between buyers of single-family homes, and particularly... detached houses, remained strong last month and continued to support double-digit annual rates of price growth in many GTA neighborhoods. In contrast, condo buyers have benefitted from much more choice compared to last year. Pre-COVID polling had already pointed to an increase in investor selling in 2020. The pandemic only added to this trend with a stall in economic growth and a halt to tourism impacting cashflows for many investors. The economic recovery in some sectors coupled with low borrowing costs has kept home purchases top-of-mind for many GTA residents.

August Real Estate Update Toronto/GTA Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding GTA regions. It should be noted that the low-rise market segments, including detached and semi-detached houses and townhouses, were the drivers of sales growth. Condominium apartment sales were up on an annual basis for the second straight month but to a lesser degree.

Toronto Regional Real Estate Board announces that Greater Toronto Area REALTORS reported 11,081 sales through TRREB’s MLS System in July 2020 a 29.5 per cent increase over July 2019 and a new record for the month of July. On a preliminary seasonally adjusted basis, sales were up by 49.5 per cent compared to June 2020.

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The Toronto Real Estate Board stats for June 2020 have shown a very substantial increase over the May 2020 sales results and was only down by 1.4 per cent compared to June 2019. Especially notable were the detached and townhouse market segments in the GTA regions surrounding the City of Toronto. New listings were up slightly on a year-over-year basis by 2.1 per cent. However, active listings on TRREB’s MLS System at the end of June 2020 were down by 28.8 per cent compared to... June 2019. Growth in new listings will need to outstrip growth in sales for a number of months before active listings approach last year’s levels. If you would like more specific information or have any question just let me know!