Toronto home sales surge to new record in September, up 42 per cent
A real estate sold sign hangs in front of a west-end Toronto property Friday, Nov. 4, 2016. THE CANADIAN PRESS/Graeme Roy
The Canadian Press
Published Tuesday, October 6, 2020 5:58AM EDT
TORONTO -- It was the best September on record for Toronto home sales, with 42.3 per cent more sales closing last month than in September 2019.
The Toronto Regional Real Estate Board says 11,083 existing homes were sold in September, at an average price of $960,772.
The board says the 14 per cent year-over-year price jump was led by low-rise housing, while the condo market was slower.
Board president Lisa Patel says extremely low borrowing costs contributed to the record-breaking sales figures, as did built-up demand left over from the stunted spring season.
The real estate market has been playing catch up after sales plunged in the spring, when COVID-19 lockdowns prevented home showings.
As of the end of September, the board says home sales for the year were one per cent higher than in the first nine months of 2019.