September shows record home prices gains in Toronto by 42.3%
Last month, a strong demand for detached houses has led to one more month of double-digit home sales growth and record prices in Canada’s largest real estate market.
According to the Toronto Regional Real Estate Board (TRREB), the overall number of properties sold across the GTA was up by 42.3% annually in September, marking a new record for the month with 11,083 sales.
Detached homes accounted for more than half of the sales activity with 5,559 sales seen last month. It’s a 55% gain from a year ago. At the same time, condo activity slowed down with only a 14.6% annual sales increase.
The average home price went up by 14% from September 2019 and reached $960,772. It’s the fourth month in a row with record average prices in the GTA. As you know, August reported an all-time high of $951,404.
“Better economic conditions and historically low borrowing costs contributed to record-level sales last month, as we kept seeing the strong demand following a spring slowdown. Nevertheless, it’s vital to monitor the trajectory of COVID-19 cases, the government’s response to it, and the influence on jobs and consumer confidence,” – noted TRREB president Lisa Patel.
Here’s the data on sales and average prices by major home types in September 2020:
| Sales | Average price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached houses | 1,161 | 4,398 | 5,559 | 1,487,122 | 1,104,866 | 1,184,700 |
| Semi-detached houses | 421 | 719 | 1,140 | 1,145,559 | 791,526 | 922,269 |
| Townhouses | 402 | 1,495 | 1,897 | 868,005 | 716,286 | 748,437 |
| Condos | 1,549 | 818 | 2,367 | 686,191 | 537,354 | 634,756 |
| Annual per cent change | ||||||
| Detached houses | 28,1% | 63,6% | 54,7% | 9,4% | 16,9% | 12,9% |
| Semi-detached houses | 48,8% | 55,6% | 53,0% | 7,2% | 14,7% | 10,6% |
| Townhouses | 21,5% | 55,7% | 46,9% | 10,3% | 12,0% | 10,5% |
| Condos | 7,0% | 32,1% | 14,6% | 7,7% | 8,0% | 6,6% |