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Toronto Market Report

November 2020


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Toronto Real Estate Market Update - November 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...

Dec 14 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 November market report showcases everything you need to know about the local Toronto real estate trends.

Home buyers continued to take advantage of very low borrowing costs in November, especially those looking to buy some form of single-family home. Competition between buyers for ground-oriented homes has been extremely strong in many neighbourhoods throughout the GTA.

In contrast to the single-family homes, buyers continued to benefit from much more choice in the condominium apartment market compared to last year. The number of new condominium apartment listings in November was almost double that reported in November of last year. More options in the condo apartment market translated into a small year-over- year decline in the average condominium apartment.

The condominium apartment market is certainly more balanced than in previous years, with some buyers benefitting from lower selling prices compared to last year. However, this may be somewhat of a short-term phenomenon. Once we move into the post-COVID period, we will start to see a resumption of population growth, both from immigration and a return of non-permanent residents. This will lead to an increase in demand for condominium apartments in the ownership and rental markets.

 

$979,224

Average Sales Price

7.6% Since same time last year

31

Average Days on Market

2

Months of Supply

 

1,477,226

Detached Average 

Sales Price


 8.6% Since same time last year

1,160,911 

Semi-Detached 

Average Sales Price


↑ 8.8% Since same time last year

1,058,425

Row/Townhouse

Average Sales Price


 12.1% Since same time last year

 

640,208

Condo Apartment 

Average Sales Price


 3% Since same time last year

710,040

Condo Townhouse 

Average Sales Price


↑ 7.1% Since same time last year


Homes Sold

101%

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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