NOVEMBER 2020 IN REVIEW
The record pace of home sales in the GTA continued through November. This was driven by strong sales numbers for single-family homes, especially in the GTA regions surrounding the City of Toronto. Buyers continue to take advantage of low borrowing costs and many have decided to move to the suburbs looking for more space as many continue to work from home due to COVID restrictions.
.In contrast to the single-family market segments, the condo apartment market saw a small year-over-year decline in the average selling in the 416 area code. Buyers in the condo apartment market, especially in the City of Toronto, were able to benefit from higher listing inventory and less demand in this market.
TRREB released its monthly key housing market stats for November 2020 and we saw a new record for the number of sales in the month of November.
8,766 sales were reported through TRREB's MLS System in November. Sales volume was up 24.3% versus November 2019.
There were 11,545 new listings in November. New listings were up 33.5% compared to November 2019.
The average selling price in November was $955,615 up 13.3% compared to November 2019.