Toronto home sales set record as they increase by almost 50% last month

Toronto home sales reached a new record high in September, increasing by 42% compared to the same time last year.

According to a recent report by Toronto Regional Real Estate Board (TRREB), 11,083 sales were made.

Following “a record third quarter,” sales through the first nine months of 2020 were up by approximately one percent compared to the same period in 2019.

“Improving economic conditions and extremely low borrowing costs sustained record-level sales in September, as we continued to account for the substantial amount of pent-up demand that resulted from the spring downturn,” TRREB President, Lisa Patel, said in the report.

“Further improvements in the economy, including job growth, would support strong home sales moving forward. However, it will be important to monitor the trajectory of COVID-19 cases, the related government policy response, and the impact on jobs and consumer confidence.”

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Year-over-year sales growth in September continued to be driven by detached and semi-detached houses and townhouses. Annual growth rates were also higher for sales reported in the GTA regions surrounding the City of Toronto.

The price in September also increased to 11.6% year-over-year.

And the average selling price for all home types combined in September was $960,772 – up by 14%. But the condominium apartment market experienced a comparatively slower pace of price growth.

“On a GTA-wide basis, market conditions tightened in September relative to last year, with sales increasing at a faster pace than new listings,” TRREB’s Chief Market Analyst, Jason Mercer, said.

“With competition between buyers increasing noticeably, double-digit year-over-year price growth was commonplace throughout the region in September, resulting in the overall average selling price reaching a new record,”

While the pandemic has created unpredictable housing markets, it seems that September showed a strong comeback for houses, especially in the GTA.