Not even a global pandemic could cool off the activity in the housing market, which hit a record high in Toronto this July after over 11,000 homes changed hands, according to the latest data from the Toronto Regional Real Estate Board (TRREB).
The data also revealed that the average home price for all home types in the Greater Toronto Area (GTA) has officially inched the closest it’s ever been to $1 million dollars after hitting an average of $943,710.
According to TRREB, average home prices in the GTA are now up 16.9% from a year ago to a record-high of $943,710. This is also a $12,841 difference from June’s average home price, which had already surpassed the previous average home price record in the GTA set three years ago in April 2017 at $920,791, before stricter rules for mortgages and foreign buyers temporarily cooled the market down.
Based on the current trend in price growth, with the average home price in the GTA essentially 95% of the way to reaching $1 million halfway through 2020, it’s entirely possible that the market could eclipse the $1 million average sometime this year.
According to TRREB’s latest report, average home prices were up across all housing types; however, detached properties were up 16% and semi-detached properties led the way by rising 16.1% – up to an average of $915,451. The average price for townhouses increased 11.1% to $733,775, while condo apartments saw ‘just’ an 8.8% increase to $635,778.
What’s more, as per the latest data, the MLS Home Price Index (HPI) Composite Benchmark – which is the most advanced and accurate tool to gauge a neighbourhood’s home price levels and trends – was up by 10% in July year-over-year, while on a preliminary seasonally adjusted basis, the average selling price was up by 5.5% compared to June 2020.