August hit a record result with home sales which were up 40% compared to last year, with home prices up 20%.
According to a recent report by the Toronto Regional Real Estate Board (TRREB), Toronto Regional Real Estate Board (TRREB), a “strong rebound” was reported in the GTA as “home sales continued with a record result for the month of August.”
Reportedly, 10,775 residential sales occurred, up 40.3% compared to August 2019.
Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding GTA regions.
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The report shows that detached and semi-detached houses, and townhouses, were the drivers of sales growth.
Condominium apartment sales were up on an annual basis for the second straight month, but not as significant an increase.
“Increased demand for ownership housing has been based on improving economic conditions, in terms of monthly GDP growth and job creation, and the continuation of very low borrowing costs,” TREBB President Lisa Patel said.
“In addition, fewer households have chosen to go on vacation as a result of COVID-19 and instead have remained in the GTA and been active in the housing market, satisfying pent-up demand from the spring.”
Home selling prices were also up by 20.1% in August of this year, compared to the same time last year to $951,404 in the GTA.
And home listings for all types also increased, which made the market conditions remain tight in the GTA market.
“Competition between buyers was especially strong for low-rise home types, leading to robust annual rates of price growth. However, with growth in condominium apartment listings well-outstripping condo sales growth, condo market conditions were comparatively more balanced, which was reflected in a slower pace of price growth in that segment,” said Jason Mercer, TRREB’s chief market analyst.
Looking to the future, TRREB noted that policymakers will need to focus on bringing more housing supply in line, which will be key to addressing housing affordability on the GTA.