Home prices in Canada’s largest housing market climbed to a new record in July as activity continued to rebound after pandemic-related lockdowns earlier in the year.
The average selling price for all homes sold across the Greater Toronto Area (GTA) jumped 16.9 per cent year-over-year in July to $943,710, according to data released Thursday by the Toronto Regional Real Estate Board (TRREB).
July’s figure marked a snapback from earlier in the pandemic when the average GTA home price abruptly tumbled to $821,392 in April as buying activity ground to a halt.
The upward march in prices last month came as home sales soared 29.5 per cent year-over-year, setting a new record for July as 11,081 properties traded hands. The strongest demand was seen in the detached-property market, as sales jumped almost 44 per cent year-over-year.
“Normally we would see sales dip in July relative to June as more households take vacation, especially with children out of school,” TRREB president Lisa Patel said in a release. “This year, however, was different with pent-up demand from the COVID-19-related lull in April and May being satisfied in the summer, as economic recovery takes firmer hold, including the Stage 3 re-opening. In addition, fewer people are travelling, which has likely translated into more transactions and listings.”
July marks the second straight month that the average selling price for homes in the GTA climbed to an all-time high, after June’s record of $930,869.