The Greater Toronto Area real estate market continues to heat up. According to the Toronto Regional Real Estate Board (TRREB), home sales have now increased to 25% compared to October of 2019, marking the fourth month in a row of growth year-over-year.
Resale activity in the GTA has shown no signs of slowing down even with the uncertainty brought about by what may be a “second wave of the coronavirus”. The real market made a total of 10,563 sales, a 25.1% jump from the 8,445 sales recorded from October 2019.
Together with this record-level sales figure, 17,802 listings were also recorded across the region compared to the 13,053 recorded listings from October last year. TREBB noticed a number of listings “diverged” in some markets, such as the detached home segments, where annual sales growth outpaced the number of listings. However, the condominium segment experienced over double the listings and a 2.2% increase in sales from October of 2019.
TRREB has a positive outlook for the rest of 2020, stating that “beyond COVID-19, it is clear that the high demand for housing will continue.”
Source: Toronto Storeys