Whether you are buying or selling a house, it is important to know the current real estate market trends and the market performance to make the right decision. So here is the real estate market update for the month of July 2020.
Toronto Regional Real Estate Board President Lisa Patel announces that Greater Toronto Area REALTORS® reported 11,081 sales through TRREB’s MLS® System in July 2020 – a 29.5% increase over July 2019 and a new record for the month of July. On a preliminary seasonally adjusted basis, sales were up by 49.5% compared to June 2020.
“Sales activity was extremely strong for the first full month of summer. Normally we would see sales dip in July relative to June as more households take a vacation, especially with children out of school. This year, however, was different from pent-up demand from the COVID-19-related lull in April and May being satisfied in the summer, as economic recovery takes a firmer hold, including the Stage 3 re-opening. In addition, fewer people are travelling, which has likely translated into more transactions and listings,” said Ms Patel.
“Competition between buyers continued to increase in many segments of the GTA ownership housing market in July, which fueled a further acceleration in year-over-year price growth in July compared to June. On top of this, we also experienced stronger sales growth in the more-expensive detached market segment, which helps explain why annual growth in the overall average selling price was stronger than growth for the MLS® HPI Composite benchmark,” said Jason Mercer, TRREB’s Chief Market Analyst.
Year-Over-Year Summary :
The overall average selling price in July 2020 is increased by 16.9% with an average of $943,710 which was $806,971 in July 2019.
Area wise :
Apart from the overall real estate market trend, it is important to know the area wise trend as well to invest in the right place.