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The Greater Toronto Area (GTA) housing market has suffered significantly through the COVID-19 pandemic, though the latest monthly report released by the Toronto Regional Real Estate Board (TRREB) is reporting that the market is recovering quickly, with a pronounced spike in sales and listings recorded during the month of July.
A total of 11,081 sales were recorded in the GTA in July, 2020, marking a 29.5% increase measured against July, 2019, showing that sales have gone beyond just a recovery, rising above the pre-pandemic trends. The numbers are even more impressive when weighed month-over-month, with sales up 49.5% over June, 2020 on a preliminary seasonally adjusted basis. While sales of condominium units were up on an annual basis, year-over-year sales growth was driven by low-rise home sales, with a large share coming from the 905 region.
The increase in sales was accompanied by a less pronounced increase in new listings, rising 24.7% year-over-year. With the rate of listing growth not matching sales volumes, and active listings down 16.3% at the end of the month, market conditions were tighter this July than conditions in July, 2019.
A statement from TRREB President Lisa Patel reads “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 vacation, especially with children out of school. This year, however, was different with pent-up demand from the COVID-19-related lull in April and May being satisfied in the summer, as economic recovery takes firmer hold, including the Stage 3 re-opening. In addition, fewer people are travelling, which has likely translated into more transactions and listings."
Home prices were on the rise in July, with average selling prices in the region rising 16.9% year-over-year to $943,710. This selling price marks a 5.5% increase over June, 2020. The strongest price growth was recorded in the low-rise market segment, especially within the 416. A statement from Jason Mercer, TRREB’s Chief Market Analyst, reads “Competition between buyers continued to increase in many segments of the GTA ownership housing market in July, which fuelled a further acceleration in year-over-year price growth in July compared to June."
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