Market Update – October 2020

On in So How's the Market in Toronto by

In October, 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 third month in a row!

Central Toronto REALTORS® reported 418 detached home sales through the Toronto MLS® in October 2020; and on average, these detached homes sold for $2,001,009.

Last year, in October 2019, Toronto MLS® reported 330 freehold detached home sales across Toronto – which is a 27% increase in volume for this year. It was also reported that on average, freehold detached homes sold for $1,859,658 in October 2019 – and that’s a 8% increase in sale prices for this October!

With respect to semi-detached homes… Central Toronto REALTORS® reported 342 semi-detached home sales in October 2020; and on average, these semi-detached homes sold for $1,287,893 last month.

That compares to 257 semi-detached home sales in October 2019 – which is a 33% increase in volume for this year. But again, it was also reported that on average, semi-detached homes sold for $1,253,125 in October 2019 – and that’s an 3% increase in sale prices for this October!

With respect to condo sales… Central Toronto REALTORS® reported 873 condo sales in October 2020; and on average, these condos sold for $782,268 last month.

In October 2019, there were 907 condo sales – which is a 4% decrease in volume for this year. On average, these condos sold for $795,293 – and that’s a 2% decrease in sale prices for this October!

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.

 

 

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