RECORD HOT MONTH FOR GTA REAL ESTATE MARKET

Sep 03, 2020

By Bob Komsic

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Temperatures are not the only thing on the rise this summer.
The Toronto Regional Real Estate Board says home sales shot up a record 40.3% last month compared with a year ago.
Prices went up even more.
After the pandemic brought real estate activity to a near halt in the spring, sales have been soaring this summer.
TRREB says there were a record 10,775 sales — up from 7,682 one year ago. 
Specifically sales of detached homes in Toronto were up 63.5% while semi-detached home sales were 80% above August 2019.
Detached homes in the city sold for about $1.5-million on average — a 21.4% increase from last August.
In the 905, the average selling price of a detached house was around $1.1-million — 18.5% higher than last summer.
For a second straight month, the TRREB attributes the hot activity to COVID-related travel restrictions, low interest rates and improved economic conditions.
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