Market Update: November 2020

The month of November continued to be a busy one for real estate here in the GTA. We had increases in both overall sales volume and prices, but much like the most recent months, not all home types tell the same story. Let’s jump into the numbers.

Overall, the market still continued to be hot this November. With just under 8.8K sales, volume was up over 24% compared to November 2019. This November, the average price was $955,615 – a 13.3% increase compared to last year.

Inventory levels also rose slightly over last year, up 15% to 13,798 homes available for sale, putting the months of inventory number at only 1.57 months.

Single family home results:
– Average price of a detached home was $1.2M = 15.2% increase
– Average price of a semi detached home was $947K = 12.9% increase
– Town homes average price was $751K = 12.6% increase

The condo segment results:
Overall, average sales price decreased by 2%. Average price for November was $605,863.

However, this may be short lived, as once we move into the post-COVID period, which may be coming sooner than later due to the roll out out of the new vaccine, we should start to see a resumption of population growth into the city both from immigration and the return of non-permanent residents.

This should lead back to an increase in demand for condos for ownership and for the rental market. So, if you were thinking of buying a condo in Toronto and getting a good price to either live or as an investment, now may be your best opportunity to purchase.