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According to a recent report by Zoocasa, the real estate market continued to rise this summer, with real estate sales breaking records for the second month in a row by August 2020.
According to the report, Zoocasa, a Canadian data website, used the latest data from the Toronto Regional Real Estate Board (TRREB) in August to assess the average detached housing price trend in 33 cities in the greater Toronto area. Overall, average house prices in 18 cities in the Greater Toronto area exceeded the C $1 million mark in August, up from 12 in the same period last year. These cities are mainly concentrated in Toronto, Durham, Holden, Pierre and York.
The average house price in Toronto in August was about C $1.5 million (about 7.7 million yuan), well above the standard of C $1 million, but still down C $73442 (about 380000 yuan) from its peak in April 2017.
Eastern Toronto is the only part of the city where prices have remained stable since its peak in July 2020. In August, the average price of detached houses in the region was 1118506 Canadian dollars (about 5.75 million yuan), 3559 Canadian dollars (18000 yuan) lower than the previous month. “the average price of detached homes in the area in August was the third highest on record.” The report added.
The report said: “the average price of independent housing has risen significantly in many areas of the Greater Toronto area, with average prices in many cities reaching or near their peak last month. Average house prices in 12 cities broke records in August. ”
It is understood that the average house price in Duran, Canada is 813740 Canadian dollars (about 4.18 million yuan), and the average house price in Halton Region is 1283651 Canadian dollars (about 6.6 million yuan), which peaked in August. In Duran District, house prices reached the highest level in five of the eight cities. The average price of detached houses in all cities in Horton was at or near its peak in August.
It was followed by Pierre District, where the average price of a detached house was C $1112634 (about $5.72 million), only C $2195 (about $11000) below last month’s peak. Although the average price in Pierre has not reached a new high, 989039 Canadian dollars (about 5.08 million yuan) in Binton and 1307832 Canadian dollars (6.72 million yuan) in Michigan have both set the highest average price for a detached house.
According to Zoocasa, buyers in the Greater Toronto area have re-entered the market because of low borrowing costs and improved economic conditions. In the past few months, as more and more people have been forced to stay at home, some buyers are now looking for large properties with backyards or available space, leading to a shift in demand to cities that used to be cheaper.