The Greater Toronto Area REALTORS® (GTA) reported home sales that totaled 8,766 units at the close of November 2020. The sales were carried out through the Toronto Regional Real Estate Board (TRREB), using the MLS®® System. When compared to November 2019, these sales were 24.3 percent higher.
GTA regions around the City of Toronto had higher single-family home sales in November 2020. However, the ‘416’ area code still experienced sturdy annual growth rates. An increase in sales is always good news not only to workers but also to the management. What did the president of the Toronto Regional Estate Board president have to say about the November 2020 report? Lisa Patel, the association’s president, mentioned that many homebuyers took advantage of the lowered borrowing costs. This was especially true for those wanting to purchase single-family homes. She also added that many buyers preferred ground-oriented homes hence strong competition in the market. This was experienced mostly in GTA neighborhoods. The result? Scaling up of profits in double digits in the annual reports.
The MLS®® system is used in the company’s home sales. The HPI (Home Price Index) Benchmark rose by 10.6 percent in November 2020. This was higher than the Composite Benchmark for November 2019. What was the average sales price for all available units? It amounted to $955,615, not far from the $1million mark. The figure had brought about a 13.3 percent rise.
With an increase in demand for more single-family houses, the REALTORS® reaped double-digit sales. The noticeable sales increase is not only for single-family houses. Townhouses, detached and semi-detached houses have also recorded a rise in the annual average selling prices. If you want to sell your single-family house in the city of Toronto, contact the Greater Toronto Area REALTORS®.
Away from the single-family market, the condominium apartment market had a variety to offer to interested customers. Buyers from the City of Toronto seemed to prefer these home units. Condominium apartments had new listings that were almost double the number recorded in November 2019. Such diversity in properties is expected to boost sales. However, that was not the case in November 2020. The wide range of condominiums in area code ‘416’ that buyers were to select from had a slight drop in the annual average selling price. For professional services in selling your condominium apartment in the Toronto region, contact GTA.
Jason Mercer, the TRREB Chief Market Analyst commented on the November report. He said that compared to previous years, market trends indicate that more balance is being observed in sales for the condominium apartments. The shift has been attributed to the lower pricing of these houses in November 2020 as compared to the same month the previous year. He also added that this trend might be short-lived until Covid-19 is no longer a deadly threat. The population growth rate will increase as temporary residents and immigrants return. Consequently, the demand for condominium apartments will rise. Both tenants and homeowners will want to occupy these units.