Low interest rates, the ability to work from home for many, the desire for bigger spaces, and pent up demand were a potent combination for September 2020 GTA real estate sales.
The month was the fourth in a row where both GTA home sales and prices have set new records with sales up by 42 per cent and average prices up by 14 per cent inclusive of all property types compared to September 2019. Again, the star of the month was detached homes. Year over year, the average price increase of 12.9 per cent for a detached home was about twice that for condos at 6.6 per cent. September 2020 total sales of detached homes grew by 54.7 per cent over the same period last year compared to 14.6 per cent for condos. Increased listing inventory of all property types helped fuel September’s sales activity.
Compared to the past five year average, new listings entering the market were up by 28.9 per cent. Despite this increase, the GTA is still a tight market – average Listing Days On Market were down by 27 per cent compared to the five year average. This speed in the sales cycle kept September’s number of Active Listings to a modest 6.4 per cent increase over what September has seen for the past 5 years.
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