Housing sales, prices across Ontario continue to heat up

Housing sales, prices across Ontario continue to heat up

Housing sales, prices across Ontario continue to heat up

Despite the moderating effects of the COVID-19 pandemic, home sales activity in Toronto reached yet another record high in September.

Latest data from the Toronto Regional Real Estate Board showed that in September, the market saw 11,083 sales made through the board’s MLS System. Aside from representing a massive 42.3% annual gain, this set a new record for home sales volume for the month of September, TRREB said.

The average sales price also increased by around 14% year over year, reaching $960,772.

“Improving economic conditions and extremely low borrowing costs sustained record-level sales in September, as we continued to account for the substantial amount of pent-up demand that resulted from the spring downturn,” said Lisa Patel, president of TRREB. “Further improvements in the economy, including job growth, would support strong home sales moving forward.”

Other Ontario markets are also heating up significantly. The average sales price in Peterborough stood at around $575,000 (up 20% annually). Sales activity intensified by 16%, while active listings fell by 46%.

“New supply also showed signs of recovery compared to months ago during the height of the lockdown, but not to the same extent as sales activity, suggesting that demand is much stronger than available listings can support at the moment,” said Chiarina Payne, president of the Peterborough Kawartha Association of Realtors.

The average sales price in Kawartha Lakes went up from around $420,000 last year to roughly $530,000 in August. Sales activity shot up by 78%, while active listings declined by 56%.

“You’ll note that our inventory is down, but the demand is high,” said Kelly James, president of the Kawartha Lakes Real Estate Association. “This reflects the uncertainty of today's economy with regard to the COVID-19 environment in which we all live. Many people who intended on selling in 2020 are struggling with their decision, ‘Do we sell our home now, or wait to see what 2021 brings?’”