By: Iris Khodkar

Greater Toronto Home Sales up in October

Tags: COVID, CORONA, CORONA VIRUS, REAL ESTATE, REAL ESTATE MARKET, BUY, SELL, OCTOBER, RECORD, NEW RECORD, TORONTO, DURHAM, HALTON, DETACHED, SEMI-DETACHED, CONDOMINIUM, CONDO, CONDOINIUM TOWNHOUSE, CONDO TOWNHOUSE, IRIS, IRS KHODKAR GROUP, RE/MAX, RE/MAX WEST REALTY

The latest data from the Toronto Regional Real Estate Board (TRREB) highlights that home sales increased 25% on a year-over-year basis with 10,563 sales taking place during the month. Annual new listings growth kept pace with home sales increases across the GTA, rising 36% with 17,802 new listings hitting the market. The average home price also hit a new record across the GTA, growing 14% year-over-year and almost 1% month-over-month to $968,318.

Across the Toronto Region as a whole, condo apartment sales grew 2% year-over-year. However, there was a flood of new listings of a 103% increase year-over-year. In York Region, the condo apartment market maintained balanced competition conditions. Durham and Halton Regions remained in sellers market territory, with buyers continuing to face stiff competition for available listings. Condo townhouses remained competitive across the Toronto Region. Condo townhouses were up 32% year-over-year for the region as a whole reflecting a competitive sellers market. 

The average price for detached properties crossed the $1.2M mark in October to $1,204,844- a 15% increase year over year. Durham and Halton Region noted the strongest pace of annual price growth, with a 23% and 22% increase in the average home price respectively. In the City of Toronto, the average home price for detached properties grew 11% year-over-year to $1,470,857.

The average home price for semi-detached properties grew 10% year-over-year across the Toronto Region to $935,429. Durham Region, York Region, and Halton Region led annual average price growth. Price grew 20% in Durham Region, 19% in York Region, and 18% in Halton Region. The City of Toronto noted one of the slowest growth in annual prices, with the average price for semi-detached properties rising 5% year-over-year to $1,154,087.