Here’s a snapshot summary of the significant real estate milestones for Toronto in August 2020 as we finish the 6th month of the coronavirus pandemic.

August sales were 39.7% higher than last year (10,775) – a record for August on TRREB
The ratio of sales-to-listings declined slightly to 64.7% in August – still in busy seller market territory
The August average sale price came in at $951,404– 20.1% above August 2019 and the highest EVER average sale price for the GTA
The GTA real estate market overall averaged 17 days-on-market
Detached home sales in August 2020 with a purchase price over $2,000,000 were up a big 152% (377 houses) while condo apartment sales over $2M were up by a busy 260% (18 suites) compared to July 2019
The CONDO share of the market was steady at 28.8% during the month
Downtown condo active listing numbers were UP by a big 162% in C01 and by 242% in C08 from last year at this time
August condo sales were flat in C01 and increased in C08 by 22.3% compared to 2019
The downtown condo days-on-market average was 19 days in C01 and 20 days in C08
The ratio of sales-to-listings for condos downtown continued to show significant declines in C01 (from 62% in 2019 to 23.8%) and in C08 (from 70% in 2019 to 24.9%)
Even when influenced by the lower demand and higher inventories due to the virus effect, condo values still beat the averages seen in August 2019 and appreciation gains over the last 12 months stayed strong
August saw detached homes in the 905 appreciate by an average 18.5% while sales were up over 47%. 905 condo apartment sales were up 14.5% while average sale prices rose by 12.9%
It looks like pent-up buyer demand and very low interest rates will continue to spur the market throughout the fall season as long as we keep a handle on COVID case numbers

*SOURCE: Thomas Cook - RE/Max Hallmark Realty Ltd., Brokerage