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  • Kristina

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)

Working with a real estate agent enables you get a sense of the market in your neighbourhood, price your home accurately and to effectively advertise and market your listing. We are here to help provide advice and guidance. Please feel free to reach out to us at any time. We are more than happy to help or answer any questions you may have.

It’s our family helping yours!

Keep safe.

-Kristina & Rey

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