Market Watch - July 2020
Pent-up demand from the COVID-19 related lull that occurred in April and May appears to have been satisfied in the summer months. July 2020 saw a 29.5% increase in sales over July 2019 and, on a preliminary seasonally adjusted basis, sales were up by 49.5% compared to June 2020. This comes as economic recovery takes a firmer hold with Stage 3 re-openings happening across the province. The overall average selling price was $943,710, up by 16.9% year-over-year and up 5.5% compared to June 2020, based on a preliminary seasonally adjusted basis.
Strong competition between buyers continued in various segments of the GTA, which fueled the acceleration in year-over-year price growth this month. Price growth was strongest for low-rise home types, notably within the City of Toronto. Also, despite more balanced market conditions in the condominium apartment market, year-over-year price growth remained in the high single digits.
TRREB MLS Sales & Average Price by Major Home Type (July 1 – 31, 2020)
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