Company News

TABLE-Toronto area home sales hit a record in July on pent-up demand

    Aug 6 (Reuters) - Toronto area housing sales volumes soared to a monthly
record in July as buyers came out in full force following a spring lull amid
restrictions due to the COVID-19 pandemic, the Toronto Regional Real Estate
Board (TRREB) said on Thursday. 
    Total home sales across the greater Toronto area rose 29.5% in July from the
previous year and were up 49.5% compared to June. New listings rose 24.7%
year-over-year, while active listings declined by 16.3%. 
    "Normally we would see sales dip in July relative to June as more households
take vacation," said TRREB President Lisa Patel in a statement. "This year,
however, was different with pent-up demand from the COVID-19-related lull in
April and May being satisfied in the summer."
    The average selling price was up 16.9% on booming sales of pricey detached
homes, particularly in Toronto's core. The condo market was more balanced, but
prices still rose year-over-year.
   The following are details on Toronto home sales and prices in July: 
                 JULY 2020    JUNE 2020     JULY 2019    YR/YR PCT CHANGE
 TOTAL SALES    11,081       8,701         8,555         29.5%
 AVERAGE PRICE  C$943,710    C$930,869     C$806,971     16.9%
 NEW LISTINGS   17,956       16,153        14,403        24.7%
 After preliminary seasonal adjustment
                JULY 2020     MTH/MTH PCT CHANGE
 SALES          9,754       49.5%
 AVERAGE PRICE  C$958,713   5.5%
 Sales by type of property
                        JULY 2020      YR/YR PCT CHANGE
 DETACHED           5,633              43.7%
 SEMI-DETACHED      1,068              25.4%
 TOWNHOUSE          1,852              31.3%
 CONDO APARTMENT    2,423              6.7%

 (Reporting by Julie Gordon in Ottawa; Editing by Rosalba O'Brien)