GTA resale home sales, prices surge in July
Strong growth in sales and prices in the GTA in July was driven primarily by lowrise home types, notably within the city of Toronto, according to the latest data from the Toronto Regional Real Estate Board (TRREB). And in the condominium segment, despite more balanced market conditions, year-over-year price growth remained in the high single digits.
Sales recorded a 29.5-per-cent increase over July 2019 – a new record for the month of July, TRREB reports. On a preliminary seasonally adjusted basis, sales were up by 49.5 per cent compared to June 2020.
The overall average selling price was up by 16.9 per cent year-over-year to $943,710. On a preliminary seasonally adjusted basis, the average selling price was up by 5.5 per cent compared to June 2020.
“Sales activity was extremely strong for the first full month of summer,” says TRREB President Lisa Patel. “Normally we would see sales dip in July relative to June as more households take vacation, especially with children out of school. This year, however, was different with pent-up demand from the COVID-19-related lull in April and May being satisfied in the summer, as economic recovery takes firmer hold, including the Stage 3 re-opening. In addition, fewer people are travelling, which has likely translated into more transactions and listings.”
“Competition between buyers continued to increase in many segments of the GTA ownership housing market in July, which fueled a further acceleration in year-over-year price growth in July compared to June,” adds Jason Mercer, TRREB’s chief market analyst. “On top of this, we also experienced stronger sales growth in the more-expensive detached market segment, which helps explain why annual growth in the overall average selling price was stronger than growth for the MLS HPI Composite benchmark.”