September Real Estate Market

Toronto Real Estate Board September MLS sale statistics:

• GTA single family home sales including condominiums - 11,083.
• Volume - up 42.3%, compared to September 2019 7,791 sales.
• Volume - up 2.8% compared to August 2020 10,775 sales.
• Average price of a GTA single family home - $920,168.
• Up 12.3% from 2019's average price of $819,288.

“On a GTA-wide basis, market conditions tightened in September relative to last year, with sales increasing at a faster pace than new listings. With competition between buyers increasing noticeably, double-digit year-over-year price growth was commonplace throughout the region in September, resulting in the overall average selling price reaching a new record,” said Jason Mercer, TRREB’s Chief Market Analyst.

We track MLS sales daily.

• November 2016 to May 30th 2017, 90% of central district properties sold over asking price.
• September 2020 40-75% of properties sold for asking or under.

The September residential resale market was a story of two markets headed in different directions - the strong freehold market and the weak condominium market.

• The GTA freehold inventory remains limited.
• Throughout September, well-priced or under-priced homes sold for over asking price in bidding wars or bully offers.
• Toronto's condominium market weakness is especially apparent downtown which saw a 215% annual increase in September listings.
• Bloomberg reported 6,480 condos for sale in September compared to 5,599 in August and 3,403 in September 2019. "Demand is just not keeping up with new supply right now." - Shaun Hildebrand, Urbanation president.
• G.T.A. average rents declined by 11% annually in September.