Mohammad  Teimouri

Mohammad Teimouri

Sales Representative

Sutton Group-Admiral Realty Inc., Brokerage *

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

October 2020 Market update

October 2020

 

Market Update for OCTOBER 2020

 

“Year-to-date home sales through October were above last year’s level. The economic recovery in some sectors coupled with low borrowing costs has kept home purchases top-of-mind for many GTA residents. With this being said, we have not accounted for all of the pent-up demand that resulted from the spring downturn. Expect record or near-record home sales for the remainder of 2020,” said Jason Mercer, TRREB’s Chief Market Analyst.

“Looking beyond COVID-19, it is clear that the high demand for housing will continue. The federal government has set immigration targets above 400,000 people for each of the next three years. The GTA will undoubtedly continue to benefit from this population growth. All of these people will need a place to live, whether in the ownership or rental markets,”

 

 


"Total residential transactions"


 

 

Residential transactions - Oct 2020

 

 

TORONTO, ON, November 4, 2020 – Home sales in the Greater Toronto Area (GTA) were up again year-over-year for the fourth month in a row. Our Members made 10,563 sales as reported through the Toronto Regional Real Estate Board’s MLS® System in October 2020. This was up by 25.1 per cent compared to 8,445 transactions in October 2019.

 

 

Residential transactions Chart - Oct 2020

 

“Competition between buyers of single-family homes, and particularly detached houses, remained strong last month and continued to support double-digit annual rates of price growth in many GTA neighborhoods. In contrast, condo buyers have benefitted from much more choice compared to last year. Pre-COVID polling had already pointed to an increase in investor selling in 2020. The pandemic only added to this trend with a stall in economic growth and a halt to tourism impacting cashflows for many investors,”

 

Sale by type of home - Oct 2020

 


"Home prices"


 

 

Ave Sale price - Oct 2020

 

 

The MLS® HPI Composite Benchmark was up by 10.8 per cent on a year-over-year basis in October 2020. The average selling price for all home types combined was $968,318 – up by 13.7 per cent compared to $851,877 in October 2019.

 

 

Ave Sale price - Chart - Oct 2020

 

Sales and new listings reached record levels for the month of October. However, year-over-year growth rates for sales and new listings diverged in some market segments. In the detached market segment, the pace of annual sales growth far outstripped growth in new listings. Conversely, the condominium apartment market segment experienced more than double the new listings compared to October 2019, whereas sales were only up by 2.2 per cent over the same period.

 

 

Ave price by type of home - Oct 2020

 

 


"New listings"


 

 

Total new listing - Oct 2020

 

 

There were 17,802 homes listed in October 2020, up by 36.4% year-over-year.

 

 

Total new listing - Chart - Oct 2020

 

 


"Sales To New Listings Ratio"


 

 

Sales to New listing Ratio - Oct 2020

 

 

Sales to new listings ratio in Oct 2020 is 59% which is down by 6% compared to Oct 2019. (sales to new listings ratio for Oct 2019 was 65%)

What does 59% sales to new listings ratio mean? This means every 10 homes that are listed into market, almost 6 of them are being sold.

 

 

Sales to new listing - chart - Oct 2020

 

 


"MOI & DOM & Average SP/LP"


 

 

MOI and DOM - Oct 2020

 

 

Above table shows; Semi-detached homes are fast selling property in the market and are being sold in average about 5% over asking price.

 

Percentage change - Oct 2020

 

* 416 means city of Toronto

** 905 means GTA excluding Toronto

In all GTA number of sale and average price for all type of homes 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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