8 elm condos.Real estate in the Toronto area is booming. Although the epidemic in Canada has not completely subsided, the real estate market in the Greater Toronto area of Ontario seems to have shaken off the severe economic impact of the COVID-19 epidemic.Please Visit: 8 elm condos to Get Your VVIP Registration Today!
According to the latest data from the Toronto area Real Estate Board (TRREB), a record-breaking 11081 homes were sold in most areas in July, an increase of 29.5% over the same period last year, and the average transaction price rose 16.9% from a year earlier. Trading volumes in most regions surged 49.5 per cent in July from June, and the average transaction price rose 5.5 per cent from June, according to data calculated by goToronto.
“sales activity was extremely strong in the first month of the summer,” Susan Patel, president of TRREB, said in a press release. Normally, we see a decline in sales in July compared with June, as more families take time off, especially children leave school, but the situation is different this year. Pent-up demand after the COVID-19 outbreak in April and May was met in the summer because the economic recovery was stronger, including the restart of Ontario’s economy, which has entered its third phase. In addition, fewer people travel, which may lead to more deals and listings. ”
Daniel Fauci, an agent at real estate company Foch Family, says the real estate market is not as hot as some people say. An important reason, he says, is that the stock market crashed at the beginning of the pandemic, causing investors to take refuge in the real estate market.
“I think we are also seeing an increase in foreign capital spending in most regions, and buying Canadian real estate is a global pursuit of quality,” he said. Because real estate is a less liquid product with a long sales cycle, it continues the market growth and flexible consumption sentiment we saw in early March. ”
He also points out that Canadian banks and the federal government have also instilled confidence in consumers that they are basically willing to do whatever is necessary to prop up the housing market. These factors convinced him that this was a systemic risk.
Sales of low-rise homes, especially those outside Toronto, topped the list with 7504 units sold in the mobile area code 905, TRREB said in a press release.
Among the types of houses, sales of detached houses rose 43.7% and the average selling price rose 16%, the biggest jump.
The composite benchmark of the MLS housing price index (HPI) is 10 per cent higher than in July 2019. Investors turned to high-priced homes, pushing average selling prices up 16.9% to an all-time high of C $943710.
Daniel Fauci, an agent, said that many buyers are not very rational. “people seem to be impulsive and ignorant about the economy and downside risks. I think this shows that people feel that government support is invincible and have a lot of confidence in assets. I would even describe it as arrogance, and arrogance does scare me a bit. ”
The largest price increases were in South Simko County (14.12 per cent), Olancheville (13.91 per cent) and Durham (12.27 per cent).