August Market Report: Less summer travel means a more active real estate market!

Toronto Regional Real Estate Board (TRREB) President Lisa Patel announced
that the strong rebound in Greater Toronto Area (GTA) home sales continued with a record result for the month of August. GTA
REALTORS® reported 10,775 residential sales through TRREB’s MLS® System in August 2020 – up by 40.3 per cent compared
to August 2019.
Sales were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding GTA regions. It
should be noted that the low-rise market segments, including detached and semi-detached houses and townhouses, were the
drivers of sales growth. Condominium apartment sales were up on an annual basis for the second straight month but to a lesser
degree.
“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. 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,” said Ms. Patel.

Via TREB. View the full report here.

 

All statistics via Toronto MLS Market Watch.

 

No Comments

Post A Comment

Sign up for custom property updates.

 

There's no reason to miss out on what could be your dream home. Sign up for automatic property updates and get new listings that match your criteria sent directly to your inbox.