According to the August TRREB Market Report,
While the Toronto Region housing market rebounds in a big way, GTA REALTORS® reported 10,755 residential sales in August 2020 – a 40.3 per cent rise on a year-over-year basis for all home types. The drivers of this ascent were detached, semi-detached and townhomes. Condo/apartment sales have also risen but not in the same fashion.
President Lisa Patel said in a statement, “…fewer households have chosen to go on vacation as a result of COVID-19 and instead have remained in the GTA and been active in the housing market, satisfying pent-up demand from the spring.”
"Generally speaking, market conditions remained very tight in the GTA resale market in August. Competition between buyers was especially strong for low-rise home types, leading to robust annual rates of price growth," said Jason Mercer, TRREB's Chief Market Analyst.
With the MLS® Home Price Index Composite Benchmark up by 11.1 per cent and over the same period, the overall selling price rose 20.1 per cent to $951,404.
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August 2020 vs. August 2019
August 2020 vs. July 2020