Housing Prices in the Greater Toronto Area Reach New Record High, Surging by 20% in August

As some economic conditions continue to improve across Canada, some markets have seen a substantial boost since the coronavirus-induced downfall in the spring. According to data released by the Toronto Regional Real Estate Board (TRREB), home prices in the Greater Toronto Area (GTA) have reached a new record, rising by 20.1% in August.

Homes in the GTA have been selling for an average price of $951,404 during the month of August, smashing through the prior record of $943,710 set in July. In the meantime, house sales increased by 40.3% on a year-over-year basis, totalling to 10,775 units sold. Although the latest numbers have significantly increased since the economic slump back in March and April, they still remain 300 units below July’s levels.

The sudden increase in demand for home ownership has been a strong contributing factor in the improvement of economic conditions such as GDP growth and job market activity. In addition, record-low interest rates have been attracting many first-time home buyers to the market, while travel restrictions have forced many families to refrain from summer vacations, instead keeping them engaged in the city’s real estate market.


Information for this briefing was found via TRREB. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

Toronto’s Real Estate Market Sharply Plunges in April Amid Higher Borrowing Costs

Canada’s hottest real estate market may not be so hot anymore, as higher borrowing costs,...

Thursday, May 5, 2022, 03:50:00 PM

US New Home Sales Reach 14-Year High as Supply Begins to Run Out

As more and more Americans revert to the stay-at-home status quo that has plagued the...

Thursday, September 24, 2020, 04:57:27 PM

Condo Sales Activity in Toronto Drops to Lowest Since 2009 While Prices Increase by 8%

The coronavirus pandemic has distorted housing markets across Canada, causing interest rates to drop to...

Wednesday, July 29, 2020, 02:08:00 PM

Delinquency Rate for CMBS Loans Soars for Third Straight Month, Reaches 10.5% in June

During the height of the pandemic, the US economy suffered a serious blow, resulting in...

Wednesday, July 22, 2020, 03:10:02 PM

Value of Canadian Building Permits Hit $10B for the First Time in February

For the first time ever, the total value of building permits in Canada exceeded the...

Tuesday, April 6, 2021, 10:32:00 AM