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November 2020 Market Update

Posted by dallegranzarealty@gmail.com on December 16, 2020
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Toronto Real Estate Market Monthly Update

What was the market up to in November? Here are the stats!⠀

The total # of residential transactions are down -2.1% from last month.⠀⠀⠀⠀⠀⠀⠀⠀⠀
Average selling price is up +0.8% from last month. And up +13.3% from November last year (2019).⠀⠀⠀⠀⠀⠀⠀⠀⠀
The Home Price Index (HPI) continues to grow on a steady incline.⠀⠀⠀⠀⠀⠀⠀⠀⠀
So what’s this all saying??!⠀⠀⠀⠀⠀⠀⠀⠀⠀
The housing market remains strong, while we’re seeing the condo market a little more balanced from previous years.⠀⠀⠀⠀⠀⠀⠀⠀⠀
Tighter market conditions have led to an increase in the average selling price for Detached, Semi’s and Townhomes.⠀⠀⠀⠀⠀⠀⠀⠀⠀
Low borrowing costs are bringing buyers to the market.⠀⠀⠀⠀⠀⠀⠀⠀⠀
Low inventory is creating strong competition between buyers.⠀⠀⠀⠀⠀⠀⠀⠀⠀
We can expect record, or near-record home sales for the remainder of 2020. ⠀⠀⠀⠀⠀⠀⠀

In the Condo market, a halt in tourism and economic growth have added to the already trending downwards condo market (which was predicted pre-pandemic).⠀⠀⠀⠀⠀⠀⠀⠀⠀
However, post-COVID, we can expect an increased demand for condos– both for ownership, and rental, when the population growth resumes (from both immigration & the return of non-permanent residents).

~Deanna Allegranza

Source: TRREB Market Watch

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