by Nutan Brown
on Monday, August 17th, 2020 at 10:26am.
Now that Toronto is in Stage 3 reopening, the economy is picking back up as businesses recover from the effects of COVID19. This is especially true for the housing market, which came to a near standstill in April, only to experience a major increase in activity over the last 2 months. It would appear that pent up demand from the spring market has pushed its way into summer, and stats are up across the board.
Last month was particularly active for Toronto real estate, with sales activity up for all home types. Normally sales would dip in July relative to June as children are on summer break and families take vacation. This year, however, 11,081 homes were sold in July, a 29.5% increase compared to the same time last year. This set a new record for the month according to the Toronto Regional Real Estate Board (TRREB).
Sales weren’t the only thing that went up in Toronto. Competition between buyers fueled an increase in the average home price by 16.9% compared to last year at $943,710. It is clear that despite a lull in the market due to the health crisis, supply and demand has remained steady and contributed to a strong housing market.
While the future is still uncertain, the progress made over the last couple of months is encouraging. Home buyers and sellers who were waiting on the sidelines during COVID19 are now active in the market. Online home searches peaked in the summer months, and had its strongest year-to-date growth in June across the most popular real estate websites.