The real estate market remains hot! July was a record-breaking month for real estate as the GTA reported 11,081 sales - a 29.5% increase over July 2019 and a new record for the month of July. It’s hard to believe we are in a pandemic and the numbers for July are mind boggling.

We are seeing the results of pent up activity from both buyers and sellers, that has been accumulating over that last few months. Low interest rates and limited overall supply are also increasing competition across our market. Here are some of the results for July:

• AVERAGE SALE PRICE FOR GTA - $943,710

  • Up 16.9% from $806,755 - July 2019

• AVERAGE SALE PRICE FOR TORONTO - $1,017,320

  • Up 21% from $839,943 – July 2019

• AVERAGE DETACHED FOR GTA - $1,154,356

  • Up 16% from $995,043 – July 2019

• AVERAGE DETACHED FOR TORONTO - $1,541,003

  • Up 25% from $1,227,301 – July 2019

• AVERAGE SEMI-DETACHED FOR GTA - $915,451

  • Up 16% from $786,974 – July 2019

• AVERAGE SEMI-DETACHED FOR TORONTO - $1,181,014

  • Up 20% from $981,802 -July 2019

• AVERAGE CONDO PRICE TORONTO - $682,999

  • Up 8.8% compared to $627,927 - July 2019

• NEW LISTINGS - 17,956

  • Up 24% compared to 14,393 – July 2019

• NUMBER OF SALES - 11,081

  • Up 29.5% compared to 8,595 – July 2019

Price growth was strongest for low-rise home types, notably within the City of Toronto. Despite more balanced market conditions in the condo market, year-over-year price growth remained in the high single digits. We also experienced stronger sales growth in the more expensive detached market sector, which helps explain why the overall average selling price was high. The real estate board has said that its original pre-Covid forecast of 10% price growth for 2020 could still be realized, but it all depends on whether we get a second wave of the virus.