November 2020 Market Update

It was no surprise that October’s resale market results continued the record pace that began in June. Reported sales hit a new high in October, with 10,563 residential properties trading hands during the month, a 25 percent increase compared to last year. Not only were sales volume at record levels, but average sale prices also continued their steady upward march. Last October, which was a strong month, 8,445 properties were reported.

This October there was also a sharp rise in the average sale price. Last October the average price for all properties sold was $851,877. This year the average sale price increased by almost 14 percent to $968,318. Depending on the location the average sale price was even higher. In the City of Toronto, the average sale price came in at $1,025,925. This number is startling when it is remembered that it includes 1,438 condominium apartment sales or 40 percent of the 3,514 properties that sold in the City.

 

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