For the 4th consecutive month, home sales in the GTA reached record levels. With the Toronto Regional Real Estate Board reporting 10,563 sales through the MLS, it was the busiest October in history, and represents a 25.1% increase over October 2019. Total sales for the year are now up 3.8%, with 2 months remaining in 2020.
Sales growth continues to be driven by the ground-level housing segments. Detached home sales were up 33.9% year-over-year (+19.6% in Toronto), semi-detached were up 32.1% (+29.6% in Toronto), and townhomes were up 32.6% (+20.3% in Toronto). The 905 continues to see the bulk of these sales, with 74.9% of all low-rise sales occurring outside the City of Toronto.
Total condo sales were 2,260, a year-over-year increase of 2.2%, with the 905 accounting for all of the growth. Sales in the 905 saw an annual increase of 28.4% while the 1,438 sales in the 416 represent a drop of 8.5% compared to the same time last year.
Both New Listings (+36.4%) and Active Listings (+12.6%) were up for October. Condo sector inventory continues to grow, while it tightens in all other housing segments. While total housing inventory is now sitting at just 1.6 months (and this is very very low), there are 3.4 months of inventory for the condo sector.
Competition among Buyers for freehold homes continues to put upward pressure on pricing. More demand than what's available always does this. The average sales price of $968,318 is a record for the GTA and represents an increase of 13.7% from the same period last year. The MLS Home Price Index Composite Benchmark (a more accurate indicator of market inflation) was also up 10.8% over October 2019.
Looking at pricing by category, average prices were up across the board. Detached homes ($1,204,844) showed the biggest year-over-year gains at +14.8%. The average price for semi-detached homes was up 9.7% to $935,429, and townhomes rose 10.5% to $747,951. The price of condos ($622,122) was essentially flat compared to October 2019.
We are now well into the Fall market and seeing no signs of activity slowing down as we approach winter. This year is unlike any other.