The PSR Market Report | July 2020
11,081 sales were reported through TRREB’s MLS® System in July 2020 – a record-setting 29.5% increase over July 2019. On a preliminary seasonally adjusted basis, sales were up by 49.5% compared to June 2020.
Total new listings were also up strongly on a year-over-year basis by 24.7%, but this annual growth rate was less than that of sales, which means market conditions tightened on average compared to July 2019. In addition, active listings at the end of July were down by 16.3%.
“Sales activity was extremely strong for the first full month of summer. Normally we would see sales dip in July relative to June as more households take vacation, especially with children out of school. 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,” said Ms. Patel.
The overall average selling price was up by 16.9% year-over-year to $943,710. On a preliminary seasonally adjusted basis, the average selling price was up by 5.5% compared to June 2020.
Price growth was strongest for low-rise home types, notably within the City of Toronto. Despite more balanced market conditions in the condominium apartment market segment, year-over-year price growth remained in the high single digits.
Stats via TRREB.
Interested in last month’s PSR Market Report? Read our June 2020 PSR Market Report here.
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