Market Update – August 2020

On in So How's the Market in Toronto by

In August, we continued to see our City come back to life, though we still have a ways to go, and hope you and your family will continue to stay well and keep safe.

We also saw incredible activity in the Toronto real estate market last month for the second month in a row!

Central Toronto REALTORS® reported 349 detached home sales through the Toronto MLS® in August 2020; and on average, these detached homes sold for $2,140,968.

Last year, in August 2019, Toronto MLS® reported 163 freehold detached home sales across Toronto – which is a 114% increase in volume for this year. It was also reported that on average, freehold detached homes sold for $1,844,165 in August 2019 and that’s a 16% increase in sale prices for this August!

With respect to semi-detached homes… Central Toronto REALTORS® reported 255 semi-detached home sales in August 2020; and on average, these semi-detached homes sold for $1,368,655 last month.

That compares to 113 semi-detached home sales in August 2019 – which is a 126% increase in volume for this year. But again, it was also reported that on average, semi-detached homes sold for $1,163,701 in August 2019 and that’s an 18% increase in sale prices for this August!

With respect to condo sales… Central Toronto REALTORS® reported 838 condo sales in August 2020; and on average, these condos sold for $783,451 last month.

In August 2019, there were 716 condo sales – which is a 17% increase in volume for this year. On average, these condos sold for $724,248 – and that’s a 8% increase in sale prices for this August!

Given the strength and resilience of the Toronto Real Estate market going into this pandemic, we had little doubt that it would recover rather quickly; and from what we have seen in July and now also in August.

 

 

 

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