GTA Real Estate Prices Reach New Heights During August

By: Randy Miller

GTA Real Estate Prices Reach New Heights During August

Tags: Whitby Real Estate Durham Homes GTA COVID

The Toronto Regional Real Estate Board (TRREB) reported another big jump in sales during August, reaching 10,775 transactions, up 40% from the number of sales recorded during the same month one year ago. Sales were strongest amongst detached, semi-detached and freehold townhouses.  
 
Both the number of new listings entered onto TRREB’s MLS® System during the month and the number of active listings at the end of the August 2020 increased on a year-over-year basis. This provided the supply necessary to facilitate the increased demand for home ownership.
 
The Average sale price of resale housing reached $951,404, up 20% when compared to last August’s average sale price. 
 
Within Durham Region, the local real estate board (DRAR) reported 1,515 residential sales during August, which represents a 45% increase in sales over last August.
Competition between buyers was especially strong for low-rise home types, leading to robust annual rates of price growth, reducing the average number of days that a house was on the market down to just 14 days.
 
The average price in Durham Region reached $734,136 a 19.5% increase compared to last August’s average price. On a month-over-month basis, from July to August, the average sale price increased by 3.5%.
 

Within the local commercial real estate market, both supply and demand remain balanced. It may take many months for the full effects of the economic slowdown to be reflected in the commercial marketplace, especially amongst buildings with retail space.
 
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 residential or a commercial property during 2020, 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.