Real Estate Market Watch:
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In such an uncertain time, a lot has changed in the Real Estate industry. Covid-19 has changed how Real Estate agents call and book showings, as well as how Real Estate agents choose to market houses as well as the livelihoods of many people. Although any reasonable person could predict some of the safety measures that have been adopted in the last several months in response to COVID-19.
The one thing, that buyers, sellers and Real Estate agents were unsure of is how exactly this would impact the market. After RECO released the new rules in place for conducting business safely in the Real Estate industry mainly in reference to health, agents eagerly watched the market to see how these measures and the economy would impact real estate.
Fortunately, the Toronto Real Estate Board released the new statistical analysis for August and this confirmed what a lot of realtors were already able to see....... the real estate market has been better than ever! hitting a record result for August! The Real Estate industry proved its resilience and did not take a hit given the unique circumstances and is up 40 % in comparison to last year. With many of the sales being Detached and semi-detached houses and townhomes. This is good news for all the agents out there! This growth can be attributed to the lowered borrowing costs, allowing a lot more buyers to be able to obtain affordable mortgages.
If you would like to read August Real Estate statistics in greater detail
you can read the TREB August Real Estate statistics below.
GTA REALTORS® Release August Stats
Toronto Regional Real Estate Board (TRREB) President Lisa Patel announced that the strong rebound in the Greater Toronto Area (GTA) home sales continued with a record result for August. GTA REALTORS® reported 10,775 residential sales through TRREB’s MLS® System in August 2020 – up by 40.3 percent compared to August 2019.
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.
“Increased demand for ownership housing has been based on improving economic conditions, in terms of monthly GDP growth and job creation, and the continuation of very low borrowing costs. In addition, fewer households have chosen to go on vacation as a result of COVID-19 and instead have remained in the GTA and been active in the housing market, satisfying pent-up demand from the spring,” said Ms. Patel.
Both the number of new listings entered into TRREB’s MLS® System during the month and the number of active listings at the end of August 2020 was up on a year-over-year basis. While new listings were up strongly for all home types, growth in new condominium apartment listings far outstripped growth in the other market segments.
“, market conditions remained very tight in the GTA resale market in August. Competition between buyers was especially strong for low-rise home types, leading to robust annual rates of price growth. However, with growth in condominium apartment listings well-outstripping condo sales growth, condo market conditions were comparatively more balanced, which was reflected in a slower pace of price growth in that segment,” said Jason Mercer, TRREB’s Chief Market Analyst.
The MLS® Home Price Index Composite Benchmark was up by 11.1 percent in August 2020 compared to August 2019. Over the same period, the overall average selling price was up by 20.1 percent to $951,404. Annual detached and semi-detached sales growth was stronger in the comparatively more-expensive City of Toronto compared to the surrounding GTA regions, which helps explain why growth in the overall average selling price outstripped growth in the MLS® HPI Composite Benchmark.