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July was a record month for real estate sales in Toronto, up 29.5% from a year earlier, house prices rose 16.9% from a year earlier, and new listings rose 24.7%. As the speed of listing of residential houses is not as fast as that of sales, the number of active houses fell by 16.3% as of July.
The Toronto Real Estate Bureau (TRREB) said that a total of 10, 1081 existing homes in the greater Toronto area changed hands, an increase of 29.5% compared with July 2019, a record high. On a seasonally adjusted basis, home sales rose 49.5% from June this year.
The average house price in July also rose 16.9% from a year ago to 943,710 yuan, up 5.5% from June this year. The overall average house price in downtown Toronto is 1.01 million 7320 yuan.
Of this total, the average house price of independent houses was 1.54 million 1003 yuan, up 25.5% from the same period last year, and that of apartments was 680000 2999 yuan, up 8.8% from the same period last year.
In addition, the overall average house price in the suburbs is 900000 8622 yuan, of which independent houses are 1.06 million 318 yuan, up 14% from the same period last year, and apartments are 520000 7117 yuan, up 10.6% from the same period last year.
Low-rise houses, especially those outside the city center, led the upward trend, with the biggest increases in prices in Durham, Orangeville and South Simcoe county counties, TRREB said.
Lisa Patel, president of the real estate bureau, said there was evidence that the housing market was tightening and buyers were competing because homes were sold faster than they were on the market.
Patel said in the report that because of novel coronavirus, many people have postponed their travel plans to focus on the real estate market. “sales activity was very strong in the first month of the summer. Usually, because there are more family holidays, especially when children do not go to school, sales tend to decline in July compared with June.
Most of the sales in July were detached houses (5633 units sold) and apartments (2423 units sold), but the property bureau reiterated its support for the construction of more “much-needed medium-sized” houses, such as low-rise apartments and townhouses.
“in terms of housing ownership and rental, the long-term solution for housing affordability in Canada is to ensure that there are adequate and appropriate housing types and sources on the market,” said John DiMichele, chief executive of the property Bureau.
