Sales and prices set new records in a high flying month for Toronto real estate

Happy Thanksgiving! May the holiday bring you good things in abundance that stay with you all year long.

The Greater Toronto Area real estate market stayed red hot in September, fueled by historic low borrowing costs and pent up demand resulting from the COVID-19 lockdowns in the spring.

It was the best September on record for Toronto area home sales, with 42 per cent more sales last month than in September 2019, with a notable surge in activity in the suburbs and regions surrounding Toronto.

Competition for detached and semi-detached houses drove the average selling price across all types of properties up 14 per cent to $960,772, compared with the previous year.

Every segment of the market increased from September last year. Condos rose by 7%; townhouses increased by 11%; and detached properties were up by 13 per cent.

The Toronto region is experiencing a second wave of coronavirus cases and local medical officials are urging the province to further restrict activity.

Looking ahead, it will be important to monitor the path of COVID-19 cases, the related government policy response and the impact on jobs and consumer confidence.

I am happy to help you with your real estate needs. PIease visit me at http://stevemoranhomes.com for more information.
Keep safe until we meet again!