Market Sets All Time Sales Record
A recent and unmatched surge in real estate demand, specifically for single family homes has pushed real estate sales and prices to record highs in August of 2020.
As the overall real estate market continues to play catch-up from the COVID-19 lockdown this spring the Toronto Regional Real Estate Board reported 10,775 home sales for August, up more than 40 per cent from 7,682 in the same month a year ago. Sales of detached homes rose 50.6 per cent and semi-detached houses climbed 66.8 per cent, while condo sales growth was slower, at 10.9 per cent.
The average prices of homes was just over $950,000 up more than 20 per cent from just a year ago. TRREB has also said year-to-date sales have not caught up to where they were this time last year, given how significant the drop in sales was during the spring. Only sales of detached homes have surpassed 2019 levels so far this year.
More specifically is appears that the demand for multi-generational homes has increased. People are looking for homes where they have separate entrances and basement apartments, either for the kids or parents. This trend has increased a lot in the last little while as people are more cognizant of their total cost of living.