Sales were up on a year-over-year basis for all major home types. It should be noted that detached and semi-detached houses and townhouses, were the drivers of sales growth. Condominium apartment sales were up on an annual basis for the second straight month but to a lesser degree.
Home sales continued with a record result for the month of August. Residential sales were reported at 10,775 – up by 40.3 per cent compared to August 2019. Year over year, the overall average selling price was up by 20.1 per cent to $951,404.
With the continuation of very low borrowing costs and fewer households choosing to go on vacation as a result of COVID-19 and instead remaining in the GTA and been active in the housing market.
Generally speaking, market conditions remained very tight in the GTA resale market in August. Competition between buyers was especially strong for low-rise home types, leading to robust annual rates of price growth. However, with growth in condominium apartment listings well-outstripping condo sales growth, condo market conditions were comparatively more balanced, which was reflected in a slower pace of price growth in that segment
