October 2020 Market Update
In smaller sub markets like Brampton and the entire Durham Region, in October the volume of transactions has soared up over 40% and prices up almost 20% in both communities. The demand for real estate in these areas has drastically increased due to the affordability of the real estate, and with interest rates being at all time lows it is drawing more buyers into the market.
In major city centres like Toronto and Mississauga we have seen the demand and prices of resale condominiums begin to flatten out. In Toronto prices were only up slightly for the month, just under 1% with the volume of trades down almost 9%. Mississauga saw prices go up slightly for condominiums by just over 2% with demand sliding down almost 5% compared to the same period last year. Condominiums have been appreciating at an average of 6% a year for a long time and many sellers are looking to cash out as the demand for rental units declines.
Where we are seeing gains in the condo market are in the outlying communities that surround the larger city centres. Toronto and Mississauga have seen the inventory of condos for sale rise with demand unable to keep up. The outlying communities have seen strong demand due to affordability and for the simple idea that people are looking for locations that offer something a little different than downtown living.
The demand for new condominiums has remained steady as more and more developers have launched their projects before the end of the year. The purchase of a new condo enables the buyer to greatly spread out the deposits required to buy, not requiring the 20% down you would need to purchase a resale condo investment.
These statistics are for ALL of GTA. Numbers will always vary in your specific area. Click the button below to get the statistics for your area.
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