10/06/2020 09:45 EDT

Toronto House Prices Jump 14% In Best-Ever September For Home Sales

Pandemic or not, Toronto is on track for more home sales this year than last.

Luke Abrahams via Getty Images
Parts of downtown and midtown Toronto are seen in this undated stock photo taken from the CN Tower. The average resale price of a house in the metro area jumped 14 per cent over the past year, according to the local real estate board.

TORONTO ― It was the best September on record for Toronto home sales, with 42.3 per cent 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 per cent year-over-year price jump was led by low-rise housing, while the condo market was slower.

Watch: Why COVID-19 hasn’t killed Canadian real estate. Story continues below.


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 one per cent higher than in the first nine months of 2019.