Market Update – July 2020

On in So How's the Market in Toronto by

In July, we continued to see our City come back to life, though we still have a ways to go, and hope you and your family will continue to stay well and keep safe.

We also saw incredible activity in the Toronto real estate market last month!

Central Toronto REALTORS® reported 391 detached home sales through the Toronto MLS® in July 2020; and on average, these detached homes sold for $2,093,868.

Last year, in July 2019, Toronto MLS® reported 228 freehold detached home sales across Toronto – which is a 71% change in volume for this year. But it was also reported that on average, freehold detached homes sold for $1,810,291 in July 2019 and that’s a 16% increase in sale prices for this July!

With respect to semi-detached homes… Central Toronto REALTORS® reported 292 semi-detached home sales in July 2020; and on average, these semi-detached homes sold for $1,352,550 last month.

That compares to 204 semi-detached home sales in July 2019 – which is a 43% increase in volume for this year. But again, it was also reported that on average, semi-detached homes sold for $1,147,331 in July 2019 and that’s an 18% increase in sale prices for this July!

With respect to condo sales… Central Toronto REALTORS® reported 1012 condo sales in July 2020; and on average, these condos sold for $788,000 last month.

In July 2019, there were 931 condo sales – which is a 9% increase in volume for this year. On average, these condos sold for $736,944 – and that’s a 7% increase in sale prices for this July!

Given the strength and resilience of the Toronto Real Estate market going into this pandemic, we had little doubt that it would recover rather quickly; and from what we have seen in July, we have not only recovered but made significant gains.

 

 

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