Sales activity in most areas were up from the levels reported in the same month of 2019. Low interest rates and pent-up demand continue making competition a reality in some cases. Some experts expect record or near-record home sales for the remainder of the year. Here are your October results:
G.T.A. MARKET RESULTS
TRREB reported record sales and new listings for the month of October. However, year-over-year sales and new listings diverged in some market segments. The detached market segment saw the pace of annual sales growth far outstrip the growth in new listrings. The condominium apartment segment experienced more than double the new listings compared ot October 2019, whereas the sales were only up by 2.2% over the same period.
Lisa Patel, TRREB's President had this to say, "Competition between buyers of single-family homes, and particularly detached houses, reamined sgtrong last month and continued to support double-digit annual rates of price growth in many GTA neighbourhoods. In contrast, condo buyers have benefited from much more choise compared to last year. "
The Average Selling price for all home types combined was $968,318 - up by 13.7% when compared to October 2019.
"Year-to-date home sales through October were above last year's level. The economic recovery in some sectors coupled with low borrowing costs has kep home pourchaes top-of-mind for many GTA residents." said Jason Mercer, TRREB's Chief Market Analyst.
BURLINGTON MARKET RESULTS
"The trends this Fall are not reminiscent of what we would normally see - with October activity slowing slightly compared to September - and this is due to 2020 not being a typical year. As a result of COVID-19, we experienced a delayed Spring market and a surge in record activity over the Summer months when the province began to reopen. As a result of this unstable year, active listings at the end of each month are some of the lowest we've seen, exacerbating low inventory levels and continuing to drive up the average price.", says RAHB President Kathy Della-Nebbia.
Burlington sales activity increased by 35%, the number of listings by 20% when compared to 2019. Interesting though, the number of active listings at month's end was decreased by 22%. What's that mean for the Average Selling Price - an increase of 14%. For your full report please click here.