November 2020 Toronto Real Estate Market Report
The November resale market continued to be unseasonably strong in the detached and semi-detached housing stock. No one expected the Toronto Real Estate market to be in this position after the complete shutdown in early Spring. New listings and sales numbers are more indicative of a Spring market than a pre-holiday market. Condominium sales were dull in comparison. Buyers seem to be voting with their feet in a search for less density, more square footage, and green space. This trend extends to the 905 where sales are even stronger. This is not all that surprising, since so many are working from home. They require more space and can work from anywhere. Expect this to continue in December and into 2021.
8,761 properties were reported sold, less than a month earlier (-$1,802), but 24.2% higher than November 2019. There were only 7,045 residential properties reported sold last year in the same month. November’s numbers did not decline as one would expect in this end of year season. Days on Market (DOM) still hovers at a low 19 days, down from 24 days a year ago.
Prices were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding GTA regions. In November the average sale price for all properties sold in the greater Toronto area came in at $955,613, down from October’s average price of $968,318, but a healthy 13.3% higher than November 2019’s average price of $843,307.
In the City of Toronto, the average sale price is even higher at $1,477,226. The higher end of the marketplace continued to be robust, as well. In November, 355 properties having a sale price of $2 million or more were sold. By comparison, only 199 properties in this category were reported sold last year, a robust increase of 55%. This speaks of confidence in the luxury market, often seen as a bellwether of the general real estate market.
In November condominium sales were up marginally, 0.8% compared to last year. Sale prices were down -1.9% to $605,863 in the Greater Toronto area. In the City of Toronto’s central core district of C08, the average sale price was $683,911. It should be noted, however, that this number is down from $697,685 last month, a decrease of 2.0% but a -10% variance from November 2019. If you are in the market for a condominium, now might be a time to explore these sale prices.