Home prices in Canada's largest housing market set a new record for a third consecutive month in August as the rebound in home-buying activity continued after an initial lull at the onset of the COVID-19 pandemic.
The average selling price across the Great Toronto Area rose 20.1 per cent year-over-year last month to $951,404, according to data released Thursday by the Toronto Regional Real Estate Board (TRREB). That figure eclipses the previous record of $943,710, established in July
Gains were most substantial in the detached property market, with the average selling price up 19.9 per cent to almost $1.2 million.
Total home sales soared 40.3 per cent year-over-year as 10,775 properties traded hands. While that was a record for the month of August, it was down nearly 300 from July’s total.
Activity in the condo market lagged other home types last month, with sales up 10.9 per cent and prices advancing 9.5 per cent
“Increased demand for ownership housing has been based on improving economic conditions, in terms of monthly GDP growth and job creation, and the continuation of very low borrowing costs,” said TRREB president Lisa Patel in a release.
“In addition, 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.”