Toronto home sales surged 42% to set new September record

By The Canadian Press | October 6, 2020 | Last updated on October 6, 2020
1 min read
New home
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It was the best September on record for Toronto home sales, with 42.3% 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% 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 1% higher than in the first nine months of 2019.

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