Riocan living . Property prices continue to rise in double digits. The Toronto property market cooled and transaction volume fell both year-on-year and month-on-month in July, but transaction prices continued to record double-digit increases.Please Visit: Riocan living to Get Your VVIP Registration Today!
According to the Toronto Real Estate Bureau, the average property price in the Greater Toronto area reached 1062256 yuan in July, up 12.6 percent from 943594 yuan in July 2020. Among them, the average property price in July in 416 area was 1016580 yuan, and the average property price in 905 area was 1086650 yuan.
On a seasonally adjusted basis, average property prices in most districts recorded an increase of 0.9% in July compared with the previous month (June).
In many districts, 9390 property transactions were recorded in July, down 14.9 per cent from 11033 in the same period in 2020. On a seasonally adjusted basis, the volume of property transactions in July was 2 per cent lower than in June 2021.
The real estate bureau said that although the volume of property transactions fell in July, the number of sales also decreased significantly. The latest month, 12551 properties were opened, a decrease of 30.73 per cent compared with 18119 in the same period in 2020.
Jason Mercer, chief market analyst at the Toronto Real Estate Bureau, said that even though the pace of year-on-year growth in property prices has slowed since the spring of 2021, it has still recorded double-digit growth, reflecting the efforts of both buyers and sellers to reach a deal.
Mercer said that property prices will continue to rise strongly in the face of reduced new supply, especially when the population returns to growth in 2022.