GTA home sales rebound, hitting record high for July

Aug 17 2020, 8:24 am

GTA home sales and listings rebounded in July, breaking new records for the month.

According to statistics gathered by the Canadian Real Estate Association (CREA), home sales posted the “highest level of any month in history.”

The report reveals that national home sales rose 26% on a month-over-month basis in July — raising them to the highest monthly level ever recorded.

And for the third month in a row, transactions were up, with sales in the GTA rising by 49.5%.

Vancouver was close behind at 39.1% and Montreal with 36.6%.

And when looking at the sale activity (not seasonally adjusted), it posted a 30.5% gain nationally.

“The 62,355 transactions recorded in July 2020 marked the highest monthly sales figure on record going back more than 40 years,” CREA says in the report.

The number of newly listed homes climbed 7.6% from June to July, but the new supply was only up in about 60% of local markets, as the rebound in supply appears to be “tapering off” in many parts of the country.

CREA noted that the national increase in July was dominated by gains in the GTA.

“With more and more of regular everyday life opening back up, realtors and their clients across Canada are making up for lost time, and it’s been a very busy summer as a result,” Costa Poulopoulos, chair of CREA, said.

“With sellers and buyers returning to the market in record numbers as lockdowns are increasingly lifted, we continue to make sure clients stay safe by complying with government and health officials’ directives and advice, while continuing to use virtual technology to show properties and complete required forms and contracts.”

And, when it comes to home prices, the national average sale price posted a 14.3% year-over-year gain, or $571,500, which is “heavily influenced” by the GTA and Greater Vancouver — excluding these two markets from calculations cuts around $117,000 from the national average price.

So while the longterm effects of the pandemic on the housing market are still uncertain, currently it appears to be booming.

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