During the first two weeks of October 2020 compared to the same time last year, with a total of 3,460 sales. Sales in the first half of October were also up 13 per cent compared to the average sales amounts for the last 10 years.

“With October mid-month sales well-above the 10-year average, it seems clear that we have more than recovered from the temporary dip in commercial buildings transactions that resulted from the onset of stricter mortgage lending guidelines,” said the president of the Toronto Real Estate Board, Dianne Usher, in a press release.

It is also important to note that the supply of ground-oriented listings remains constrained

Due in part to the additional land transfer tax and stricter lending guidelines,” she continued. “If this were not the case, the number of sales could have been greater because more households would have been able to find a home to purchase.”

The average selling price rose 7.3 per cent to $536,301 during the first 14 days of October compared to the same time last year.

Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board, said that, “Price growth has been stronger in the second half of 2020, as sales growth has outstripped growth in listings. There have been more buyers competing for available properties compared to the first half of the year, which has led to increased upward pressure on average selling prices.”

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ANNUAL PRICE INCREASE IS MODERATE – SALES UP 30%

September MLS sales totaled 7,411 houses and condominiums in all the districts. This sales number was 15% above the average for the month over the last 12 years and up a huge 30% from one year ago. Remember that last summer we had the Federal Government reduce the amortization period down to 25-years from 30 which at that time eliminated a lot of first-time buyers from the marketplace.

Condo townhouses and high-rise suites decreased their share of the market slightly to 30.3% with 2,245 units changing hands.

The September average sale price for all GTA homes came in at $534,000– up 6% from 2012. We’ll comment more on that later.

East of Yonge and south of Bloor in the C08 downtown TREB district, the condo sales price average was $436,000 while west of Yonge in C01 the average was $431,000.

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