UPDATE FOR THE WEEK ENDING NOVEMBER 6TH, 2020
The Toronto region had its fourth consecutive month of record sales volumes in October with 10,563 homes sold, up 25% from October 2019 and the Toronto Real Estate Board is
forecasting record or near-record sales to continue through the balance of the year. The average sale price for the GTA was up 13.7% to $968,318 and for the City of Toronto it was up 10.8% to $1,025,925. Detached homes led the way, with sales up 33.9% and
an average sale price of $1,204,844, an increase of 14.8%.
New listings for all categories of homes rose to 17,802 across the GTA, up 36% from October 2019. Condo listings more than doubled to 6,193, compared to October 2019. Sales of condominium apartments fell 8.5% in the City of Toronto compared to the same month
in 2019, with prices up just .8% to $668,161. Active listings are up 158% in Toronto to 5,719 units. As the pandemic slowed economic development and halted tourism in the city, the short and long-term rental income many investors relied upon dried up. If you
are looking to buy a condo it’s a buyer’s market now and you will benefit from more choice available.
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