End of Summer Toronto Real Estate Market update 2020 🏡 Highest rated real estate agent Toronto
Tuesday Sep 22nd, 2020Share
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Here are the real estate statistics marking the official end of the summer for 2020 🏡
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Below are the clickable TIMESTAMP links for the video
00:07 - percentage of housing price increases for all property types combined in the GTA
00:16 - average price increase between August 2019 to August 2020 for all property types combined
00:24 - housing sector that saw the highest increase in value
00:40 - housing sector that saw the lowest increase in value
00:57 - average price for a fully detached home
1:05 - average price for a semi-detached home
1:14 - average price for a townhouse
1:21 - average price for a condo
1:30 - volume of sales August 2020 vs August 2019
1:46 - final thoughts
the official end of the summer.
It is a hot seller's market here in the Greater Toronto Area with the average property price having increased by 20.1% from $792,134 to $951,404.
The housing sector that saw the highest increase in property values were the semi-detached homes in Toronto and they saw a huge +21.9% increase in prices between August 2019 to August 2020.
The housing sector that saw the lowest increase in property values were Toronto condos and they still saw a substantial +8.7% increase in property values over the past year.
Now to put things in perspective, let's look at the average price of a home. For a fully detached home in Toronto, the average price is $1,505,100. For a semi-detached home, the average price comes in at $1,166,226. While a townhouse in Toronto comes in at an average price of $834,222.
Now for the condo market, the average condo to Toronto comes in at $673,174. In terms of the volume of sales, the month of August reported 10,775 sales, which is an enormous +40.3% increase in the number of transactions compared to the same time last year in August 2019.
Here are some final thoughts.
We're in a strong seller's market. So if you're looking to purchase a property it would be in your best interest to get financially pre-qualified for a mortgage as your very first step. And when you find a property that you love, don't be surprised or turned off if there are multiple offers. You'll want to discuss with your realtor what the best strategies are to secure the home.
On the other hand, if you're thinking of selling a property, keep in mind that these average statistics released by the Toronto Real Estate Board are just one indicator of how the real estate market is doing overall.
The Greater Toronto Area is a huge market with tremendous variation. The local real estate market in your neighbourhood or in your condo building could be very different than these average statistics.
Now, if you're curious to know the estimated value for your property, feel free to reach out to our team.
In the meantime, if you have any real estate questions or needs, give us a call.