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GTA resale sales

GTA resale home sales, prices surge in July

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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.

GTA resale sales

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.”


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GTA Condos

GTA condos lead resale price growth in 2018

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GTA condos lead resale price growth in 2018

GTA Condos

Multi-family homes – namely townhomes and condos – led the way in price growth among resale homes in the GTA in 2018, according to the latest statistics from the Toronto Real Estate Board (TREB).

Overall, the average selling price for the year was $787,300, down 4.3 per cent, while sales declined 16.1 per cent from 2017.

Home prices were up slightly in the city of Toronto and down in the surrounding GTA regions. This dichotomy reflects the fact that the condominium segment, which accounted for a large proportion of sales, performed better from a pricing perspective than detached homes. The average price for condominium sales across the TREB market area was up by 7.8 per cent year-over-year.

Higher borrowing costs

“Higher borrowing costs coupled with the new mortgage stress test certainly prompted some households to temporarily move to the sidelines to reassess their housing options,” says Garry Bhaura, TREB president. “It is important to note that market conditions were improved in the second half of the year, both from a sales and pricing standpoint.”

“After spiking in 2017, new listings receded markedly in 2018,” adds Jason Mercer, TREB’s director of Market Analysis and Service Channels. “In many neighbourhoods, despite fewer sales from a historic perspective, some buyers still struggled to find a home meeting their needs.  The result was a resumption of a moderate year-over-year pace of home price growth in the second half of the year.  Price growth was strongest for less-expensive home types, as many home buyers sought more affordable home ownership options.”

Outlook Report

TREB will be releasing its fourth annual Market Year-in-Review and Outlook Report on Feb 6, featuring the latest results from the Ipsos surveys of existing homeowners and intending homebuyers.  The report will also contain information on the new home market and other analyses.

 

GTA average prices by home type, yr/yr % change

Condominiums
416:
$594,381, 11.4%
905:
$454,135, 5.8%
Total:
$554,497, 9.9%

Townhomes
416
: $714,456, 10%
905: $591,851, 2.9%
Total: $624,042, 5.3%

Semi-detached
416
: $939,859, 4%
905: $661, 186, 3.9%
Total: $755,707, 3.2%

Detached
416
: $1.14 million, -8%
905: $891,095, -2.2%
Total: $945,580, -4.4%

 

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GTA new home market back to typical sales and openings levels in November

GTA moving into balanced market for 2019

Canada’s most and least expensive places to buy – and guess where Toronto is

 

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