Extremely tight market conditions continued in August for most of the GTA/GTHA areas. An interesting note is what has happened to the level of inventory at the end of the month, not only in the GTA but also Burlington as well. Here's your August analysis:
G.T.A. MARKET REPORT
TRREB President Lisa Patel announced a strong rebound of home sales for teh month of August - up by 40.3% compared to August 2019. The number of new listings was up by 56.8% leaving only 5.0% active listings at the end of August. Tight Market conditions therefore continue.
"Increased demand for ownerhsip housing has been ased on improving economic conditions, in terms of monthly GDP growth and job creation and the continuation of veryu low borrowing costs." said Ms. Patel.
"Generally speaking, market conditions remained very tight in the GTA resale marekt in August. Competition between buyers was especially strong for low-rise hometypes, 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 Average Selling Price was up by 20.1% to $951,404. Annual detached and semi-detached salws growth was stronger in the comparatively more-expensive City of Toronto compared to the surrounding GTA regions. For the Peel Regional Report please click here.
BURLINGTON AUGUST RESULTS
The Realtors® Association of Hamilton and Burlington reported lower sales activity in the City of Burlington when compared to August 2019. The number of new listings were the same for August 2019 and August 2020. The number of active listings therefore was reduced by 9% on a year-over-year basis and the months of inventory left sits at a reduction of 0.1%. Again, heading into September expect market conditions to remain tight. The average selling price has increased by 13% - again supply vs demand. For your full report please click here.