by Nutan Brown
on Thursday, September 17th, 2020 at 8:14am.
After coming to a near halt in the spring due to COVID19, Toronto home sales have surged this summer hitting another record high last month.
According to TRREB, the average selling price of a home in the GTA rose 20% year-over-year in August to $951,404, up $7,738 from July’s average. The average selling price for a home in the city was $1,012,506, up a whopping 24% from the year before.
Average home sales weren’t the only thing to experience a boost in August. The number of transactions also soared to a record 10,775 sales, marking a 40.3% year-over-year increase in the GTA.
This was the result of pent up demand after the pandemic stalled the market in spring. Homebuyers and sellers are playing catch-up after months of sitting on the sidelines. Low interest rates and improved economic conditions have also added to the demand for homes.
Competition between buyers was especially strong for semi-detached and townhomes, with an increase of 50.6% and 45.8% respectively in terms of average price year-over-year.
Despite the record-setting sales in July and August, year-to-date sales have not caught up to this time in 2019, after sales plunged during the spring lock down. Only sales of detached homes have surpassed 2019 levels so far this year.
Toronto rent prices were down 14% in August, with the average one-bedroom apartment going for $2,013, while two-bedroom apartments averaged $2,655. If you are looking to rent and have the means to do so, now could be the best time.
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