Fall 2020 Toronto Real Estate Market Stats. Best rated Toronto real estate agent
Sunday Oct 18th, 2020Share
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Here are the real estate statistics for the Fall of 2020 🏡
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Below are the clickable TIMESTAMP links for the video
00:12 - average price increase for all property types combined in the GTA
00:24 - housing sector that saw the highest increase in value
00:39 - housing sector that saw the lowest increase in value
00:56 - average price for a fully detached home
1:05 - average price for a semi-detached home
1:14 - average price for a townhouse
1:20 - average price for a condo
1:35 - volume of sales September 2020 vs September 2019
1:46 - final thoughts
1:50 - advice for buyers who are buying a property
2:08 - advice for sellers who are selling a property
Hey guys, it's Karen from Toronto here.
So let's take a look at the numbers together.
The good news for homeowners just keeps coming in.
The average property price has gone up by +14% from $842,421to $960,772.
The housing sector that saw the highest increase in prices, on average, were detached homes in the 905 suburbs. And they saw a huge +16.9% increase in prices between September 2019 to September 2020.
The housing sector that saw the lowest increase in prices, on average, were semi-detached homes in Toronto. And they still saw a +7.2% increase in prices over the past year.
Now to put things into perspective, let's look at the average price of a home.
For a fully detached home in Toronto, the average price comes in at $1,487,122. A semi-detached home comes in at an average price of $1,145,559. While a townhouse in Toronto comes in at an average price of $868,005.
Now for the condo market, the average Toronto condo comes in at $686,191.
In terms of the volume of sales, there is less inventory available on the market this year compared to the same time last year. The month of September reported 11,083 sales which is incredible +42.3% more transactions compared to the same time last year.
Here are some final thoughts. We're still in a strong seller's market.
So if you're looking to purchase a property, it would be in your best interest to get financially pre-qualified for a mortgage as your very first step. And when you find a property that you love, don't be surprised if there are multiple offers. You'll want to discuss with your real estate agent, what the best strategies are to secure the home.
On the other hand, if you're thinking of selling a property, keep in mind that these average statistics released by the Toronto real estate board, are just one indicator of how the market is doing overall.
The Greater Toronto Area is a huge market and there is a tremendous amount of variation. The local real estate market in your neighbourhood or in your condo building, could be very different than these average statistics.
Now, if you're curious to know the estimated value for your property, feel free to reach out to our team.
In the meantime, if you have any real estate questions or needs, give us a call.