By: Gary Singh

GTA Real Estate Market Update August 2020

Tags: HOMES FOR SALE, TORONTO, MISSISSAUGA, MILTON, BRAMPTON, OAKVILLE, VAUGHAN, GTA

The Resale Real Estate Statistics for the Month of July 2020 are in and Here are the Key Facts

- 11,801 sales reported through Toronto Real Estate Board’s MLS system (up 29.5% from July 2019).

- Average selling price of all home types was up 16.9% year over year.

- Only 1.35 months of standing inventory.

Here are some additional year over year statistics based on area and type of home, that will shed some more light on the overall market conditions.

Toronto Statistics - Year over Year Average price change

Detached Home               + 25.6%
Semi Detached               + 20.3%
Townhouse               + 12.4%
Condo Towns               + 6.6%
Condo Apartment               + 8.8%
 
Mississauga Statistics – Year over Year Average Price change

Detached Home
             
               + 14.7%
Semi Detached                + 6.0%
Townhouse                + 8.1%
Condo Towns                + 7.7%
Condo Apartment                + 13.2%
 
Brampton Statistics - Year over Year Average Price change

Detached Home
              
               + 15.1%
Semi Detached                + 13.6%
Townhouse                + 12.1%
Condo Towns                + 17.7%
Condo Apartment                + 14.3%
 
Milton Statistics - Year over Year Average Price change

Detached Home
              
               + 16.2%
Semi Detached                + 15.2%
Townhouse                + 12.2%
Condo Towns                + 11.9%
Condo Apartment                + 11.6%
 
Oakville Statistics - Year over Year Average Price change

Detached Home
              
               + 10.4%
Semi Detached                + 9.9%
Townhouse                + 8.8%
Condo Towns                + 6.9%
Condo Apartment                + 14.6%
 
The sales volume for the GTA Market was up by 29.5% when compared to July 2019. The number for active listings was down by 16.3% compared to July 2019, which led to a spike in the average home price.
 
Detached and Semi-detached homes led the price gains last month, coming in at 16.0% and 16.1% (respectively) year over year increase.  The average price of all home types was up by 16.9% compared to July 2019.
The inventory level went down to 1.35 months of inventory at the end of July
as compared to 1.69 months of inventory at the end of June. The average price of a home in the GTA for July 2020 was $943,710 which is up 12.4% ($ 104,347) from January 2020.

If you are a first time Buyer, this might be a good time to take advantage of historically low interest rates (variable rate is around 2%) and buy your first home before the prices go up even higher.

If you need to sell, we can arrange for 3D Virtual tours to facilitate virtual showings to reduce the number of in-person showings.  The key in the present market is to price effectively and strategically market the property (call me and we will show you how), staging and presentation play a key role as well.

Please feel free to contact me if you would like me to provide you with detailed market statistics for your area or property.