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Toronto Real Estate Board Marketwatch Report
October was another record month with sales at 10,563 transactions up 25.1% from 8,445 sales in October 2019. In the detached market segment, the pace of annual sales growth outweighed growth in new listings. On the other hand, condominium apartment market segment there were double the new listings compared to October 2019 with sales only being up 2.2%. There has been a fair amount of investor selling pre-pandemic as well as during the months following the onset of the pandemic.
New listings were up 36.4% at 17,802 compared to 13,053 in 2019. Market conditions again tightened in October with sales increasing at a faster pace than new listings. Improved economic conditions, extreme low borrowing costs and pent up demand have been fuelling the market. .
Average sales price was $968,318 up 13.7% from $851,877 in October 2019.
Days on the market were 17 in October 2020 compared to 23 in October 2019.
Again, sales activity was extremely strong in October due to pent up demand after a slow down in April and May due to the pandemic combined with lower interest rates.
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