August was another hot month for the Toronto real estate market with activity more akin to that of a spring market than a summer market. The number of sales in August 2020 was up 40.3% on a year-over-year basis.
New listings and active listings were both up on a year-over-year basis. However, a stronger increase in the number of new condo listings against condo sales has resulted in balanced condo market conditions. Average selling prices were up 20.1% on a year-over-year basis.
As always, if you are thinking about buying, selling, or investing in real estate at this time you should seek the professional advice of a REALTOR®️. Please feel free to contact me by email or at 416-453-7143 for advice on navigating the current market.
Toronto Real Estate Board (TREB) Market Watch Report
Below is a market snapshot of single family detached and condominium apartment price growth by municipality as of August 31, 2020.
The figures cited in this note are an average. Please contact me for neighbourhood specific information so you can make an informed decision if you are thinking about making a move.
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Single Family Detached Home Price Index
Toronto: +1.33% (1 Month), +3.70% (3 Month), +6.96% (6 Month), +11.85% (1 Year)
Mississauga: +1.58% (1 Month), +2.31% (3 Month), +4.05% (6 Month), +9.74% (1 Year)
Brampton: +1.37% (1 Month), +3.07% (3 Month), +4.56% (6 Month), +11.63% (1 Year)
Vaughan: +2.55% (1 Month), +2.16% (3 Month), +5.81% (6 Month), +10.13% (1 Year)
Richmond Hill: +0.64% (1 Month), +1.52% (3 Month), +7.39% (6 Month), +10.99% (1 Year)
Markham: +0.49% (1 Month), +1.79% (3 Month), +7.17% (6 Month), +9.58% (1 Year)
Condominium Apartment Home Price Index
Toronto: -0.23% (1 Month), -1.95% (3 Month), +1.48% (6 Month), +7.45% (1 Year)
Mississauga: +0.26% (1 Month), -1.56% (3 Month), +2.89% (6 Month), +13.00% (1 Year)
Brampton: +0.71% (1 Month), +0.64% (3 Month), +7.91% (6 Month), +16.40% (1 Year)
Vaughan: -0.98% (1 Month), +0.52% (3 Month), +3.05% (6 Month), +10.52% (1 Year)
Richmond Hill: +0.50% (1 Month), +1.09% (3 Month), +6.63% (6 Month), +11.37% (1 Year)
Markham: -0.69% (1 Month), -1.10% (3 Month), +3.75% (6 Month), +11.84% (1 Year)
*How to use these numbers: If on August 1, 2020 the value of a detached home in Toronto was $1,000,000, it would be worth $1,013,300 on August 31, 2020 based on the Toronto home price index (HPI). That $1,000,000 home appreciated $13,300 in August or $429.03 per day.
Prepared by Michael De Luca, Real Estate Sales Representative at Private Service Realty (PSR), Brokerage
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