Usually, the September real estate market here in the GTA suffers from a bit of a hangover from the summer months, but 2020 is like no other year we have seen before! Much like July and August, September also had a record month. Let’s check out the stats!
This September we had 11,083 sales in the GTA. This was a 42.3% increase compared to last year.
Average sales price in the GTA was $960,772. This was a 14% increase compared to September 2019.
The detached market had 5,559 sales which was an increase of 54.7% compared to last year. Average sales price in this category was $1,184,700.
The semi-detached and the townhomes had 53% and 46.9% increases in sales respectively this September compared to last year. This translated into average sales price increase of 10.6% and 10.5%, respectively.
The segment, which is giving some people cause of concern is the condo segment. In some areas in Toronto, we have over 5 months of inventory. This means that if no new listing came to the market, it would take 5 months to sell all the listings. This tells us that the condo segment is actually in a balanced market.
The condo market, with 2,367 sales, still had the second most amount of sales for all major home types.
Average price of a condo was up 6.6%. Average sale price for condos in September was $634,756. It’s is not all doom and gloom after all!
If you have been looking for real estate investment opportunities, the condo segment may be the first place you should look!