Here we go! A very active market for sales in the areas of the GTHA I cover. Some reported a new record of sales during the month of September. Improving economic conditions and extremely low-borrowing costs along with pent-up demand are the reasons for this record breaking month. Here are your September results:
BURLINGTON SEPTEMBER RESULTS
"September is typically a busy month as we move into the Fall Market; however, activity was some of the highest we have seen. We also saw an increase in the new listings however, there is a low numer of active listings which was down in September. This low inventory is driving the average price higher." says RAHB President Kathy Della-Nebbia. So says the Burlington report - Sales were up by 48%, New Listings up 18% and the number of active listings down by 25% compared to the same period last year. The average selling price is up 18%. For the full report, please click here.
OAKVILLE MARKET RESULTS
The same holds true, with the exception of the number of new listings for the Oakville market. Oakville saw an increae of 82.7% in the sales volume and a decrease in the number of new listings of 10%. Milton saw a 78.3% increase in sales volumen and a 50% increase in the number of new listings when compared to the same period last year. For the Average Selling Price and more info for both areas, click here.
TORONTO, GTA, PEEL SEPTEMBER RESULTS
TRREB President Lisa Patel announced that sales reported through TRREB's MLS® System amounted to 11,083 - a new record! This result was up by 42.3% compared to 2019. Following a record 3rd quarter, sales through the first 9 months of 2020 were up by approximately 1% compared to the same period in 2019.
"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," said Ms. Patel.
The September 2020 Average Selling Price for all homes types combined in September was $960,772 - up by14$ year-over-year. Price growth was drivn by the low-rise market segments. The relatively better supplied condominium apartment segment 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. With competition between buyers increasing noticeably, double-digit year-over-year price growth was commonplace throughout the region in September, resulting in the overall selling price reaching a new record," said Jason Mercer, TRREB's Chief Market Analyst.