Toronto's Real Estate Market really was in a 'medically induced coma.' And we've awoken from our big sleep. While our pandemic is far from over, Toronto home sales have come an incredibly long way from where they were back in March, April and May. And July's stats from the CREA (Canadian Real Estate Association) (CREA) stated that the trend definitely continued in July.
According to CREA, new listings, in Canada, recorded their highest level for the month of July, and sales, even nationally posted the highest historical level of any month ever! And this is partyly due to our GTA's hot housing market. "The national increase [in new listings] in July was dominated by gains in the GTA," notes the report. The report also states that the GTA's month-over-month gains in July's home prices was about 3%, while the sales volume increased by 49.5 %.
And while the GTA's home sales were impressively high last month, so too were those in many other markets across the country. Please see the chart below.
Of the 20 Canadian markets currently tracked by The Aggregate Composite MLS® Home Price Index, every single one reported a month-over-month increase in home prices in July.
Actually, but not seasonally adjusted, the national average sale price saw a huge 14.3 % year-over-year gain from 2019.
"What a difference three months makes, from some of the lowest housing numbers, ever, back in April to the multiple monthly records logged in July," said Shaun Cathcart, CREA's senior economist. "A big part of what we're seeing right now is the snap back in activity that would have otherwise happened earlier this year. Recall that before the lockdowns, we were heading into the tightest spring market in almost 20 years. Things may have gone quiet for a few months, but ultimately the market we're seeing right now is mostly the same one we were heading into back in March."