Toronto Housing Market Unfazed by Pandemic, Sales Record Set in July

The housing market in the Greater Toronto Area appears to be triumphant throughout the economic effects of the coronavirus pandemic, as July breaks a new sales record with a total of 11,081 homes sold.

According to the latest data released by the Toronto Regional Real Estate Board (TRREB), the month of July saw a staggering 29.5% increase in home sales compared to the same time a year prior. The largest increase in sales came from detached homes, which rose by 43.7%, with their average selling price spiking by 16%. Accordingly, the MLS Home Price Index (HPI) Composite Benchmark increased by more than 10% compared to July 2019, causing the average selling price to reach $943,710.

Typically, sales activity tapers off in July given the increase in households that take vacations – especially with school being out during the summer months. However, this year was unique in the wake of the coronavirus pandemic; the pent-up demand during the spring months of April through May in response to government-mandated restrictions has led to a surge in activity in Toronto’s housing market.

Daniel Foch, who is a broker at Foch Family Real Estate, tells Yahoo Finance that the increase in housing market activity may also be due to a rise in foreign capital spending in the Greater Toronto Area. According to Foch, the significant volatility in the stock markets created by the pandemic has caused some investors to flock to Canadian real estate, given its lower liquidity risk.

Information for this briefing was found via TRREB and Yahoo Finance. 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.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

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

Has There Been A Fundamental Shift In US Real Estate? – The Daily Dive

Finishing off the Daily Dive for this week is first time guest Jeffrey Christian, Managing...

Friday, May 6, 2022, 01:30:00 PM

CMHC: Annual Pace of Housing Starts Fall Nearly 20% in April

Canada’s annual pace of housing starts declined almost 20% in April as the number of...

Sunday, May 23, 2021, 11:00:00 AM

CMHC Releases Preliminary Housing Starts Data for Month of May

The Canada Mortgage and Housing Corporation (CMHC) has recently released preliminary housing starts data for...

Tuesday, June 9, 2020, 03:14:00 PM

Canada’s Housing Market Continues to Cool off in July

Home sales across Canada suffered their fourth straight month of declines in July, as the...

Monday, August 16, 2021, 05:31:00 PM