GTA Real Estate Prices Continue to Soar-October Sales Reach New Heights

By: Randy Miller

GTA Real Estate Prices Continue to Soar-October Sales Reach New Heights

Tags: COVID, GTA, Druham, Whitby, Real Estate, Toronto

The Toronto Regional Real Estate Board (TRREB) reported higher sales numbers for the fourth consecutive month. During October, transactions reached 10,563, up 25% from the number of sales recorded during the same month one year ago. Sales were strongest amongst detached, semi-detached and freehold townhouses. The average selling price for all home types within the GTA was $968,318 – up by 13.7%.
 
Within the detached market segment, the pace of annual sales growth far outstripped the growth in new listings, contributing to a tight supply, with multiple offers commonplace on most listings. Conversely, within the condo market, the number of new listings almost doubled when compared to October 2019. Clearly Covid-19 has impacted the dynamics of the housing market as more people work from home and first-time buyers now prefer the suburbs which offer larger living areas.
 
Within Durham Region, the local real estate board (DRAR) reported 1,377 residential transactions during October representing a 42% increase from the same month last year. The average selling price in Durham Region reached $740,436 representing a 21% increase when compared to the average value recorded last October.
 
Competition between buyers was especially strong for detached, semi-detached and freehold townhouses, leading to high demand and reducing the average number of days that a house was on the market to just 16 days.
Within the local commercial real estate market, both supply and demand remain balanced. Good properties are now beginning to attract multiple offers, indicating the confidence buyers have for long term real estate investment.
 
As for land prices, there has been a minimal effect from the shutdown, I have been busy with several offers, because qualified investors and developers all take a long-term approach to ownership and realize that Durham region offers attractive values, when compared to other parts of the GTA.
 
If you plan a purchase or a sale of a property within Durham Region, please contact me. I’ll give you sound, insightful and experienced advice. I’ve sold real estate in Durham Region for over 25 years and work diligently to ensure that every client’s transaction is a success.