Toronto Regional Real Estate Board Releases August Resale Housing Report

Business Canada Health Science Tech UK World

/EIN News/ — TORONTO, Sept. 03, 2020 (GLOBE NEWSWIRE) — Toronto Regional Real Estate Board (TRREB) President Lisa Patel announced that the strong rebound in Greater Toronto Area (GTA) home sales continued with a record result for the month of August.  GTA REALTORS® reported 10,775 residential sales through TRREB’s MLS® System in August 2020 – up by 40.3 per cent compared to August 2019.

Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding GTA regions.  It should be noted that the low-rise market segments, including detached and semi-detached houses and townhouses, were the drivers of sales growth.  Condominium apartment sales were up on an annual basis for the second straight month but to a lesser degree.

“Increased demand for ownership housing has been based on improving economic conditions, in terms of monthly GDP growth and job creation, and the continuation of very low borrowing costs.  In addition, fewer households have chosen to go on vacation as a result of COVID-19 and instead have remained in the GTA and been active in the housing market, satisfying pent-up demand from the spring,” said Ms. Patel.

Both the number of new listings entered into TRREB’s MLS® System during the month and the number of active listings at the end of the August 2020 were up on a year-over-year basis.  While new listings were up strongly for all home types, growth in new condominium apartment listings far outstripped growth in the other market segments.

“Generally speaking, market conditions remained very tight in the GTA resale market in August.  Competition between buyers was especially strong for low-rise home types, leading to robust annual rates of price growth.  However, with growth in condominium apartment listings well-outstripping condo sales growth, condo market conditions were comparatively more balanced, which was reflected in a slower pace of price growth in that segment,” said Jason Mercer, TRREB’s Chief Market Analyst.

The MLS® Home Price Index Composite Benchmark was up by 11.1 per cent in August 2020 compared to August 2019.  Over the same period, the overall average selling price was up by 20.1 per cent to $951,404.  Annual detached and semi-detached sales growth was stronger in the comparatively more-expensive City of Toronto compared to the surrounding GTA regions, which helps explain why growth in the overall average selling price outstripped growth in the MLS® HPI Composite Benchmark.

“With demand for ownership housing continuing to recover, it will be important for policy makers to remain focussed on the longer-term goal of bringing more housing supply on line, especially as we return to a normal cycle of immigration.  We have to focus on supply both in the aggregate and in terms of a greater diversity of home types.  This will be key in addressing housing affordability in the GTA moving forward and keeping the region competitive in attracting businesses and talent from around the world,” said TRREB CEO John DiMichele.

TRREB MLS® Sales & Average Price  By Home TypeAugust 1 – 31, 2020
  Sales Average Price
  416 905 Total 416 905 Total
Detached 1,099 4,330 5,429 1,505,100 1,088,559 1,172,880
Yr./Yr. % Change 65.3% 47.3% 50.6% 21.4% 18.5% 19.9%
Semi-Detached 337 727 1,064 1,166,226 784,951 905,712
Yr./Yr. % Change 81.2% 60.8% 66.8% 21.9% 13.7% 18.0%
Townhouse 374 1,501 1,875 834,222 719,667 742,517
Yr./Yr. % Change 43.3% 46.4% 45.8% 16.8% 16.0% 16.1%
Condo Apartment 1,536 750 2,286 673,174 540,491 629,643
Yr./Yr. % Change 9.2% 14.5% 10.9% 8.7% 12.9% 9.5%
Summary of TRREB MLS®  Sales and Average PriceAugust 1 – 31, 2020
  2020 2019
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto (“416”) 3,365 1,012,506 7,391 2,543 816,845 3,727
Rest of GTA (“905”) 7,410 923,656 11,100 5,139 779,906 8,062
GTA 10,775 951,404 18,491 7,682 792,134 11,789
 
Annual Summary of TRREB MLS® Sales and Average PriceYear-to-Date
  2020 2019
  Sales Average Price New Listings Sales Average Price New Listings
City of Toronto (“416”) 19,082 985,849 37,072 21,560 869,439 37,259
Rest of GTA (“905”) 38,668 876,216 63,818 38,539 772,799 74,636
GTA 57,750 912,441 100,890 60,099 807,468 111,895
Annual TRREB MLS® Sales & Average Price  By Home TypeYear-to-Date 2020
  Sales Average Price
  416 905 Total 416 905 Total
             
Detached 5,767 22,612 28,379 1,477,736 1,023,987 1,116,195
Yr./Yr. % Change -6.0% 5.6% 3.0% 13.4% 11.8% 11.4%
Semi-Detached 1,755 3,677 5,432 1,174,550 757,501 892,243
Yr./Yr. % Change -10.2% -1.4% -4.5% 13.8% 10.6% 10.9%
Townhouse 2,098 7,833 9,931 832,979 693,454 722,929
Yr./Yr. % Change -6.4% 0.2% -1.3% 8.6% 11.6% 10.6%
Condo Apartment 9,348 4,037 13,385 685,471 527,687 637,882
Yr./Yr. % Change -15.7% -19.1% -16.7% 9.8% 11.5% 10.5%
August 2020 Year-Over-Year Per Cent Change in the MLS® HPI
  Composite (All Types) Single-Family Detached Single-Family Attached Townhouse Apartment
TRREB Total 11.09% 11.79% 12.32% 12.67% 8.91%
Halton Region 12.27% 12.55% 13.09% 14.70% 12.47%
Peel Region 11.95% 10.86% 12.47% 14.27% 13.45%
City of Toronto 9.34% 11.85% 11.39% 10.91% 7.45%
York Region 11.16% 11.09% 11.25% 11.96% 11.17%
Durham Region 15.06% 14.60% 16.70% 15.40% 14.11%
Orangeville 18.15% 18.12% 19.94%
South Simcoe County1 14.52% 13.89% 19.77%
1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth
Source: Toronto Regional Real Estate Board   
Seasonally Adjusted TRREB MLS® Sales and Average Price1  
         
  Sales Month-over-Month % Chg. Average Price Month-over-Month % Chg.
August ’19 7,989 1.3% $825,904 0.2%
September ’19 7,993 0.1% $837,281 1.4%
October ’19 7,840 -1.9% $839,945 0.3%
November ’19 7,835 -0.1% $846,374 0.8%
December ’19 7,626 -2.7% $874,283 3.3%
January ’20 7,763 1.8% $875,767 0.2%
February ’20 8,902 14.7% $904,450 3.3%
March ’20 6,936 -22.1% $894,745 -1.1%
April ’20 2,317 -66.6% $789,054 -11.8%
May ’20 3,546 53.0% $825,707 4.6%
June ’20 6,526 84.0% $908,596 10.0%
July ’20 9,363 43.5% $958,713 5.5%
August ’20 10,344 10.5% $983,932 2.6%
Source: Toronto Regional Real Estate Board; CREA Seasonal Adjustment    
1 Preliminary seasonal adjustment undertaken by the Canadian Real Estate Association (CREA).  Removing normal seasonal variations allows for more meaningful analysis of monthly changes and underlying trends.    

For the full report click here.    

Media Inquiries:
Mary Gallagher, Senior Manager, Public Affairs maryg@trebnet.net 416-443-8158

www.trreb.ca/

https://www.facebook.com/groups/trebypn/
https://twitter.com/TheReal_TRREB
https://www.youtube.com/user/TREBChannel
https://www.pinterest.com/trebhome/
http://www.linkedin.com/company/toronto-regional-real-estate-board/
http://www.trebwire.com/
https://www.instagram.com/thereal_trreb/
https://soundcloud.com/readytorealestate

The Toronto Regional Real Estate Board is Canada’s largest real estate board with more than 56,000 residential and commercial professionals connecting people, property and communities. 

Primary Logo

Leave a Reply