Sean MacKay

Toronto’s renters sprung into action over the third quarter of 2020, signing a record number of new rental condo leases for the three-month period as listings surged.

As of the middle of October, 1,741 homes have changed hands in the Vancouver region, a strong signal that the housing market will deliver more remarkable figures by month end.

Sales rose in almost all Canadian housing markets in September, amounting to a nationwide total high that was enough to beat the previous record for the month by a margin of 20,000 transactions.

Royal LePage, which published its House Price Survey this week, said that it expects the median price of a Canadian home to be $693,000 at the end of 2020, or seven percent higher than the same period last year.

After an anxiety-ridden spring and a remarkable summer bounce back, home sales have continued their high-flying performance in September while new home listings struggled to keep up.

The shift to a seller’s market was driven primarily by skyrocketing demand for detached homes brought on by the pandemic. Condos are the one segment where buyers still hold the upper hand.

September was another banner month for the Toronto region’s housing market and no property type was hotter than detached homes in the suburban areas surrounding the city.

But beyond 2021, TD's Economics team sees some challenges presented by the pandemic’s impact on Canada’s immigration system weighing on home builders.

Demand for single-detached and other low-rise homes appears “universally stronger” when compared to condos.

Toronto’s housing market continued on a tear in September, breaking the record for homes sold in the month and exceeding 11,000 total transactions for the second time in three months.