Summer is the new spring in the Toronto real estate market this year and this makes perfect sense as we see buyers and sellers re-entering the market given improving public health conditions. The number of sales in July 2020 was up 29.5% on a year-over-year basis and up 49.5% compared to June 2020.
With new listings up 24.7% on a year-over-year basis, market conditions have continued to tighten supporting price growth across the GTA. Average selling prices were up 16.9% on a year-over-year basis and up 5.5% compared to June 2020.
As always, if you are thinking about buying, selling, or investing in real estate at this time you should seek the professional advice of a REALTOR®️. Please feel free to contact me by email or at 416-453-7143 for advice on navigating the current market.
Toronto Real Estate Board (TREB) Market Watch Report
Below is a market snapshot of single family detached and condominium apartment price growth by municipality as of July 31, 2020.
The figures cited in this note are an average. Please contact me for neighbourhood specific information so you can make an informed decision if you are thinking about making a move.
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Single Family Detached Home Price Index
Toronto: +4.09% (1 Month), +2.44% (3 Month), +7.54% (6 Month), +10.29% (1 Year)
Mississauga: +1.83% (1 Month), -0.57% (3 Month), +5.05% (6 Month), +8.20% (1 Year)
Brampton: +2.66% (1 Month), +1.53% (3 Month), +6.06% (6 Month), +10.44% (1 Year)
Vaughan: +2.14% (1 Month), -0.08% (3 Month), +4.24% (6 Month), +8.01% (1 Year)
Richmond Hill: +1.66% (1 Month), +2.80% (3 Month), +8.18% (6 Month), +9.89% (1 Year)
Markham: +2.18% (1 Month), +2.76% (3 Month), +8.43% (6 Month), +9.36% (1 Year)
Condominium Apartment Home Price Index
Toronto: +0.07% (1 Month), -2.07% (3 Month), +4.21% (6 Month), +7.93% (1 Year)
Mississauga: +0.42% (1 Month), -1.28% (3 Month), +5.15% (6 Month), +13.05% (1 Year)
Brampton: +5.47% (1 Month), +1.23% (3 Month), +11.04% (6 Month), +16.58% (1 Year)
Vaughan: +3.19% (1 Month), +1.55% (3 Month), +8.30% (6 Month), +11.81% (1 Year)
Richmond Hill: +0.97% (1 Month), +0.89% (3 Month), +7.68% (6 Month), +12.25% (1 Year)
Markham: +0.19% (1 Month), +0.46% (3 Month), +7.13% (6 Month), +13.69% (1 Year)
*How to use these numbers: If on July 1, 2020 the value of a detached home in Toronto was $1,000,000, it would be worth $1,040,900 on July 31, 2020 based on the Toronto home price index (HPI). That $1,000,000 home appreciated $40,900 in July or $1,319.35 per day.
Prepared by Michael De Luca, Real Estate Sales Representative at Private Service Realty (PSR), Brokerage
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