Toronto Housing Market: September 2020 Update

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September marks another all-time monthly record for real estate transactions in Toronto with 11,083 home sales, a 42% increase compared to Sept. 2019. Toronto's real estate remains as hot as ever with average sold prices continuing to climb to new highs at $960,772, far out-pacing general inflation with a 14% yoy increase. Larger homes including detached, semi-detached, and townhouses experienced the most price growth as residents looked to upsize and move to the suburbs of Toronto. While most sales remain in the $400K to $1.5M range, over 2,500 homes worth over $2M were sold in September.

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New listings in September outpaced sales by over 9,000 units, but total supply remains limited as housing inventory remains lower than 2 months worth of sales. Homes in the GTA remained on market for only 22 days on average with homes in Ajax and Dufferin County at only 12 days, highlighting the intense demand for homes outside the City of Toronto area.

Other housing markets in Canada have also experienced similar growth. Ottawa's housing market has surged to new all-time-highs and Vancouver real estate has returned to year over year growth. The optimism in real estate markets may have been boosted by recent announcements by the Bank of Canada promising continued Quantitative Easing and low interest rates into 2021. In addition, Prime Minister Justin Trudeau and the Federal Government have announced the extension of the Canadian Emergency Wage Subsidy until the end of 2020. This may protect Canadians from further unemployment shocks and support Canada's economic recovery.

Toronto Housing Market Statistics for All Property Types in September 2020

Average Sold Price and MLS HPI Benchmark Price

Total Transactions

Top Real Estate Agents in

Top Real Estate Agents in

Property Type Distribution

Impacts on Mortgages and Mortgage Rates

Due in part to the continued growth in real estate as well as loose monetary policy, mortgage lenders, including members of the Big Five (RBC, TD, CIBC, Scotiabank, and BMO), are increasingly willing to discount risk in the housing market and are offering record-low mortgage rates. Although this highly-competitive market may not last past the end of 2020, mortgage rates are not expected to rise significantly by 2022.

Market Overview for Detached Homes in September 2020

Average Sold Price

Transactions

Market Overview for Semi-Detached Homes in September 2020

Average Sold Price

Transactions

Market Overview for Townhouses in September 2020

Average Sold Price

Transactions

Market Overview for Condo Apartments in September 2020

Average Sold Price

Transactions

Top 1% Commission Agents in

Top 1% Commission Agents in

Greater Toronto Area (GTA) Regional Breakdown for September 2020

Adjala-Tosorontio
Average Sold Price:$895,480
Total Transactions:25
New Listings:22
Ajax
Average Sold Price:$759,352
Total Transactions:246
New Listings:274
Aurora
Average Sold Price:$1,126,908
Total Transactions:151
New Listings:252
Bradford West
Average Sold Price:$801,925
Total Transactions:591
New Listings:902
Brampton
Average Sold Price:$861,877
Total Transactions:1,142
New Listings:1,714
Brock
Average Sold Price:$556,962
Total Transactions:21
New Listings:42
Burlington
Average Sold Price:$915,994
Total Transactions:356
New Listings:497
Caledon
Average Sold Price:$1,192,288
Total Transactions:158
New Listings:237
Clarington
Average Sold Price:$706,176
Total Transactions:273
New Listings:325
East Gwillimbury
Average Sold Price:$922,841
Total Transactions:74
New Listings:130
Essa
Average Sold Price:$623,308
Total Transactions:346
New Listings:459
Georgina
Average Sold Price:$704,944
Total Transactions:135
New Listings:183
Halton Hills
Average Sold Price:$938,970
Total Transactions:121
New Listings:143
Innisfil
Average Sold Price:$676,798
Total Transactions:131
New Listings:157
King
Average Sold Price:$1,560,334
Total Transactions:60
New Listings:115
Markham
Average Sold Price:$1,067,739
Total Transactions:472
New Listings:974
Milton
Average Sold Price:$910,683
Total Transactions:285
New Listings:328
Mississauga
Average Sold Price:$908,545
Total Transactions:1,063
New Listings:1,859
New Tecumseth
Average Sold Price:$700,901
Total Transactions:112
New Listings:121
Newmarket
Average Sold Price:$917,234
Total Transactions:201
New Listings:299
Oakville
Average Sold Price:$1,410,482
Total Transactions:402
New Listings:663
Orangeville
Average Sold Price:$655,510
Total Transactions:81
New Listings:98
Oshawa
Average Sold Price:$617,831
Total Transactions:411
New Listings:496
Pickering
Average Sold Price:$837,166
Total Transactions:192
New Listings:268
Richmond Hill
Average Sold Price:$1,154,125
Total Transactions:355
New Listings:725
Scugog
Average Sold Price:$861,981
Total Transactions:42
New Listings:66
Toronto
Average Sold Price:$1,022,051
Total Transactions:3,555
New Listings:8,689
Uxbridge
Average Sold Price:$974,650
Total Transactions:46
New Listings:59
Vaughan
Average Sold Price:$1,105,912
Total Transactions:482
New Listings:988
Whitby
Average Sold Price:$797,703
Total Transactions:261
New Listings:66
Whitchurch-Stouffville
Average Sold Price:$1,064,262
Total Transactions:108
New Listings:165

Toronto Housing Market History from 1996

Glossary and Definitions

MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.

MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.

Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:

  • Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
  • Liability for any property damage or bodily injury suffered on strata property
  • Any fixtures that are part of the "standard unit" or original construction of each unit

Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.

Property types

Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.

Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.

Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.

Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.

Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.

Property Classes

Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.

Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.

Other Housing Markets Across Canada

Data sourced from the Toronto Real Estate Board (TREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.