Welcome to the October 2020 Monthly Update from Our Trusted Realtors.
Toronto Regional Real Estate Board (TRREB) released its Marketwatch report for the month of October 2020. The statistics are as follows:
- The total number of sales in October, 2020 was 10,563. This number is up 25.1% from the number of sales in October, 2019 when there were 8,445 sales. Sale of 10,563 homes translates to >340 homes sold every day for the entire month of September i.e. almost 14 homes sold every hour.
- The number of new listings was also up by 36.4%, a significant increase. However, in the detached market segment, the pace of annual sales growth far outstripped growth in new listings; whereas, the condominium apartment market segment experienced more than double the new listings compared to October 2019, while sales were only up by 2.2 per cent over the same period.
- The average selling price for all home types was up by 13.7% on a YoY basis compared to October, 2019 at $968,318.
- The MLS Home Price Index Composite Benchmark is also up by 10.8% on YoY basis.
The following infographic paints a quick summary for you.
GROUND-REPORT & OUR ANALYSIS
We have had 4 straight record months. We saw only a marginal decline in sales from last month as the Real Estate Market starts to adjust for the winter season. The average selling price seems to keep up its momentum.
HOW DOES THE FUTURE LOOK?
As we have been continually reporting, we remain optimistic Real Estate will remain the best financial instrument for your investment and retirement planning strategies. This outlook is further affirmed by TRREB’s CEO.
“Looking beyond COVID-19, it is clear that the high demand for housing will continue. The federal government has set immigration targets above 400,000 people for each of the next three years. The GTA will undoubtedly continue to benefit from this population growth. All of these people will need a place to live, whether in the ownership or rental markets,” said John DiMichele, TRREB’s CEO.
LINKS TO MEDIA REPORTS
Following are links to just a few of the media reports.
At OurTrustedRealtors, we pride ourselves on our focus to your personal and complete satisfaction. We view numbers such as sales results as nothing more than a reflection of our commitment to serve our clients. We believe success is not in the number of deals, but in the way we work with people and community. You can expect your real estate transaction with us to be a great experience. Your success truly is our success.
This fulfillment is more important to us than charging an unconscionable fee for our services. We charge 1% for listing your home. If you are buying a home, we give you a cash-back (a portion of the commission we receive from the seller) - usually, this cash-back ranges between 1 to 1.5%.
Please call Sanjiv at 416.409.9090 if you have any questions or are about to embark on a real estate purchase or sale.