Market Update: August 2020

This summer we had a very active housing market, which is satisfying the pent-up housing demand that the market was unable to satisfy in the Spring. As a result, this August we had another record-breaking month.

Let’s look at the numbers:

  • Sales had average increases across all major home types and overall sales were just under 11K which was a 40.3% increase from last year!
  • The low-rise market segments, including detached, semi-detached houses and townhouses were the drivers in sales growth. These housing units had increases in sales from 45.8% to 66.8%.
  • In comparison to the low-rise units, the condo segment had a modest sales growth of 10.9% which in any other time of the year would be the leader in growth sales.
  • New listings and active new listings both had increases in activity, which is helping to keep up with demand. New listings were 18.5K which was an increase of 56.8%.
  • Active listings were up a modest 5%.
  • Average price for August 2020 was $951,404 across all segments. This represents an increase of 20.1%.

Let’s break down all major home types in the GTA for average sales prices:

  • Detached segment had the largest increase in average sales price. This August the average sale price for a detached home was $1,172,880 which was up 19.9% compared to last August.
  • With an average sale price increase of 18%, the semi-detached market had the second largest increase in average sales. Average sale price was $905,712.
  • Next, townhomes experienced a 16.1% increase which landed them an average sale price of $742,517.
  • And finally, the condo market. Average sale price came in just under $630K and had an average sales increase of 9.5%.

It is hard to believe that during the pandemic we are still seeing this level of activity and price increases. It goes to show that many people still believe in the GTA housing market.