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Toronto Market Report

August 2020


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Toronto Real Estate Market Update - August 2020

Sylvia Schmidt

Enthusiasm and a zest for life are two of the driving forces behind my real estate practice – and my life...

Enthusiasm and a zest for life are two of the driving forces behind my real estate practice – and my life...

Sep 10 2 minutes read

If you’re thinking about selling your home, it's important to have a good understanding of what’s going on in the Toronto market.

Knowing the most important data such as the average sales price, the number of homes sold, and days on market will better prepare you to sell your home.

My August market report showcases everything you need to know about the local Toronto real estate trends.

The strong rebound in Greater Toronto Area home sales continued with a record result for the month of August. Sales were up on a year-over-year basis for all major home types. Low-rise properties, including detached and semi-detached houses and townhouses, were the drivers of sales growth. Condominium apartment sales were up on an annual basis for the second straight month but to a lesser degree. 

Increased demand for ownership housing has been based on improving economic conditions, in terms of monthly GDP growth and job creation, and the continuation of very low borrowing costs. In addition, fewer households have chosen to go on vacation as a result of COVID-19 and instead have remained in the GTA and been active in the housing market, satisfying pent-up demand from the spring.

 

$1,012,506

Average Sales Price

23.7% Since same time last year

24

Average Days on Market

1.7

Months of Supply

 

1,505,100

Detached Average 

Sales Price


 20.8% Since same time last year

1,166,226 

Semi-Detached 

Average Sales Price


↑ 21.9% Since same time last year

1,095,243

Row/Townhouse

Average Sales Price


 14% Since same time last year

 

673,174

Condo Apartment 

Average Sales Price


 8.7% Since same time last year

713,908

Condo Townhouse 

Average Sales Price


↑ 13.4% Since same time last year


Homes Sold

102%

Sale-to-List Price


Curious about what
your home is worth now?

I'm able to explain what these numbers mean for you and your home's current market value. 

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