The TRREB home sales report for October 2020 showed a market that kept climbing despite the pandemic. The Toronto Regional Real Estate Board (TRREB) released its monthly figures, and October continued a steady double-digit upward trend in both home sales and prices.
This post was first published in 2020. The figures below are from TRREB’s October 2020 report.
TRREB sales report for October 2020: the headline numbers
October sales rose more than 25% compared with the same month a year earlier, in October 2019. Overall sales were slightly down compared with last month, by 4%.
Continuing the upward trend, average sale prices rose from the previous month for the fourth month in a row. The monthly increase was slight, at 0.3%. Yet compared with last year, prices showed a massive increase of almost 14%.
So, to put it in perspective, if you bought a house for a million dollars last year, you could celebrate now. You would have gross appreciation in the range of $140K in just one year.
Of course, appreciation on paper is not cash in hand. Still, for owners in Mississauga and across the GTA, this kind of growth built real equity. That equity can help with a move up, a renovation or a child’s education later on.
Keep in mind that averages hide a lot. Detached homes, townhouses and condos can each move at their own pace. So the trend on your own street could look quite different from the regional average.
New listings kept coming
Despite the COVID-19 pandemic, both buyers and sellers seemed to grow bolder as time passed. They brought more than 36% more new listings to the market compared with the same month last year.
More listings usually give buyers more choice. However, in this sales report for October 2020, demand still ran ahead of supply. People were on the hunt for good properties, so homes did not stay available for long.
For sellers, strong demand was good news. Even so, a well-prepared home still sold faster and with less stress. Small repairs, a deep clean and good photos made a real difference.
Days on market fell sharply
Because there were fewer listings than buyers wanted, the market created a supply and demand squeeze. As a result, the number of days a listing stayed on the market fell by 27% compared with last year. On average, it took 24 days to sell a property, down from 33 days.
Compared with last month, the average days to sell shrank by over 26%. That is, it went from an average of 23 days to an average of 17 days.
So, in short, it took almost 2 weeks on average to sell a property. In the sales report for October 2020, that speed was one of the clearest signs of a hot market. For buyers, it meant getting a mortgage pre-approval first and being ready to act.
Fast sales also changed how people searched. Buyers booked showings as soon as a listing went live. Many viewed homes on the first weekend, and some offer dates came within days. As a result, buyers who had done their homework early had a clear advantage.
Why confidence grew after the sales report for October 2020
With this confidence, supported by historically low interest rates, both buyers and sellers rushed into the market. They filled the vacuum left during the early days of COVID-19.
We continued to see multiple offers and over-asking prices in many areas in and around the GTA. In that kind of market, buyers need a clear budget and a firm limit before they bid.
It also helps to know what an offer includes beyond the price. The deposit, the closing date and any conditions all matter to a seller. Sometimes a flexible closing date or a clean offer wins over a slightly higher price. On the other hand, waiving an inspection or financing condition carries real risk, so talk it through with your agent and your lender first.
A quote from a previous blog still held true at the time: “Contrary to the general impression that due to COVID-19 the home sales would be down and eventually the prices would see some pruning during this period, what we are seeing is multiple offers and properties selling over asking prices, and the trend is continuing upward without looking back.”
Reading the sales report for October 2020 today
A great deal has changed since 2020. Interest rates and prices have moved a lot since then. So please read this sales report for October 2020 as a snapshot of that month, not a guide to today’s market.
To follow the trend, see my August 2020 home sales analysis and my November 2020 market review. You can find TRREB’s full monthly reports on the TRREB website.
Take care of yourselves and follow the safety precautions defined by healthcare professionals. Please pray for the safety of all and for a cure for COVID-19 to be found soon. #BeSafeAndHelpOthersBeSafe
Talk to a Mississauga real estate agent
Do you have questions about buying, selling or simply planning your next move in Mississauga or the GTA? I am happy to help, so please send me a message or call me at 416 908 5600. A. Q. Mufti, Sales Representative, RE/MAX Real Estate Centre Inc., Brokerage
Disclaimer: this article was published on 18 January 2025 and reflects the information available at that time. Interest rates, prices, and government programs change, so check the current position before acting on anything here. It is provided for information only and is not financial, mortgage, tax or legal advice. A. Q. Mufti is a registered Sales Representative with RE/MAX Real Estate Centre Inc., Brokerage, Ontario, Canada.
