Toronto Housing Market: October 2020 Update

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October marks another month of all-time highs for Toronto's housing market with an average sold home price of $968,318, a 14% increased compared to Oct. 2019. 10,563 homes were sold throughout the Greater Toronto Area in October 2020 with the Toronto core, Brampton, and Mississauga as the hottest areas. Market activity is clearly skewed towards larger homes with detached taking a 15% increase in price and 33% increase in sales compared to Oct. 2019. Semi-detached homes and townhouses followed closely behind with a 10% increase and 11% increase in prices, respectively. The condo market, on the other hand, is lagging behind with fewer sales and lower prices than Q1 2020.


Despite over 17,000 new listings in October, the Greater Toronto Area's real estate market remains a seller's market. Final sale prices were on average 1% higher than asking prices with homes in Oshawa closing at an average of 6% higher than asking price. Housing inventory remains low, with Ajax, Oshawa, Whitby, Orangeville, and Milton all having less than a full month worth of home sales available. Homes in these regions are listed for an average of only 10 to 14 days.

Other housing markets in Canada have also experienced similar growth. Ottawa's housing market continues to surge to 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 October 2020

Average Sold Price and MLS HPI Average Sold 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.

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Market Overview for Detached Homes in October 2020

Average Sold Price


Market Overview for Semi-Detached Homes in October 2020

Average Sold Price


Market Overview for Townhouses in October 2020

Average Sold Price


Market Overview for Condo Apartments in October 2020

Average Sold Price


Top 1% Commission Agents in

Top 1% Commission Agents in

Greater Toronto Area (GTA) Regional Breakdown for October 2020

Average Sold Price
Total Transactions
#2Halton Hills$935,612107
#10East Gwillimbury$997,32580
#15Richmond Hill$1,173,826317
#28Bradford West$870,34981
#31New Tecumseth$737,359103

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.

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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 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.