Mohammad  Teimouri

Mohammad Teimouri

Sales Representative

Sutton Group-Admiral Realty Inc., Brokerage *

Mobile:
416-880-5163
Office:
(416) 739-7200
Email Me

Market update Nov 2020

November 2020

(برای مشاهده ویدیوفارسی اینجا کلیک کنید)

Market Update for NOVEMBER 2020

 

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, which has continued to support double-digit annual rates of price growth.

In contrast to the single-family market segments, buyers continued to benefit from much more choice in the condominium apartment market compared to last year, particularly in the City of Toronto. 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 selling price in the ‘416’ area code (city of Toronto).
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.

 

 


"Total residential transactions"


 

 

Residential transactions - Nov 2020

 

 

The record pace of home sales in the fall continued with 8,766 sales reported in November by Greater Toronto Area REALTORS® through the Toronto Regional Real Estate Board’s (TRREB) MLS® System.
This result was up by 24.3 per cent compared to November of last year.

 

 

Residential transactions Chart - Nov 2020

 

 

Generally speaking, year-over-year growth in sales was stronger for single-family homes in the GTA regions surrounding the City of Toronto, but annual single-family growth rates remained robust in the ‘416’ area code (city of Toronto) as well.

 

 

Sale by type of home - Nov 2020

 

 


"Home prices"


 

 

 

Ave Sale price - Nov 2020

 

 

The MLS® HPI Composite Benchmark was up by 10.6 per cent in November 2020 compared to November 2019. The average selling price for all home types combined was up by 13.3 per cent to $955,615.

 

 

Ave Sale price - Chart - Nov 2020

 

Market conditions tightened in many single-family market segments in November, resulting in double-digit year-over-year increases in average selling prices for detached houses, semi-detached houses and townhouses.

 

 

Ave price by type of home - Nov 2020

 

 


"New listings"


 

 

Total new listing - Nov 2020

 

There were 11,545 homes listed in November 2020, up by 33.5% year-over-year.

 

 

Total new listing - Chart - Nov 2020

 

 


"Sales To New Listings Ratio"


 

 

Sales to New listing Ratio - Nov 2020

 

Sales to new listings ratio in Nov 2020 is 76% which is down by 6% compared to Nov 2019. (sales to new listings ratio for Nov 2019 was 82%)

What does 76% sales to new listings ratio mean? This means every 10 homes that are listed into market, almost 8 of them are being sold.

 

 

 

 


"MOI & DOM & Average SP/LP"


 

 

MOI and DOM - Nov 2020

 

Above table shows; Semi-detached and town homes are fast selling property in the market.

 

Percentage change - Nov 2020

* 416 means city of Toronto

** 905 means GTA excluding Toronto

In all GTA  average price for all type of homes except condo apartment were higher than the same time last year!

 

I, as real estate agent, always provide all the information that my clients need. I always help my clients make an informed decision and every decision is unique based on one’s individual.

Contact me for free consultation.

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