July shows record high real estate prices in Toronto

July reported new record high real estate prices in Canada’s biggest market as the activity kept rising after the previous pandemic lockdowns.

Toronto Regional Real Estate Board (TRREB) says the average home price in the GTA was up by 16.9% annually last month to $943,710.

It points to a rebound from the previous situation when the average GTA housing price was at $821,392 in April.

In addition to it, home sales rose by 29.5% annually, marking a new record for July with 11,081 properties sold. The highest demand was reported in the sector of detached houses property market with a 44% annual gain.

“As a rule, July shows lower sales than June, as more Canadians take vacation, especially if they have kids,” – TRREB president Lisa Patel noted. “Nevertheless, we can see a different situation in 2020 with a stronger demand from the COVID-19-related drop in April and May being offset in the summer, as economic recovery continues, including entering the Stage 3. Moreover, fewer people are travelling, which could lead to more sales and listings.”

July was the second consecutive month with the average selling price in the GTA growing to a record high level, following June’s $930,869.