The easing of COVID-19 restrictions across the province coupled with pent-up housing demand led to record breaking sales within the Toronto Region for month of July.
The latest data from TRREB showed that the home sales across the Toronto Region were up on an annual basis, increasing 29% year-over0year to 11,081. In the City of Toronto alone, sales were up 15% y-o-y and 26% month-over-month to 3,577. The average home price across all housing types also noted significant increases, rising 17% year-over-year in the Toronto Region to $943,710 and 21% in the City of Toronto to $1,017,320.
Across the Toronto Region as a whole, the average home price for detached and semi-detached properties increased 16% to $1,154,356 and $915,451 respectively. The condo sector saw the average prise rise at a much more modest pace- growing 8% to $647,470 for condo townhouses and 9% for condo apartments to $635,778.
In York Region Specifically, there were 1,850 home sales, a 28% increase year-over-year, and new listings were up 14% with 3,306 new properties being added to the market in July. By property type, detached house sales increase 37% annually; the top three York municipalities for increases in detached home sales were King, Georgina and Aurora.
Detached and semi-detached home sales in the City of Toronto rose at the slowest relative pace, but still in the double digits. Detached home sales increased 27% and semi-detached sales 35% respectively on an annual basis this July, with 1,102 detached homes and 372 semi-detached homes changing hands. Competition for housing was balanced for the City of Toronto as a whole. Condominium properties exhibited more restrained growth, with the average price for condo townhouses rising 7% annually to $724,655 and 9% year-over-year for condo apartments to $682,999.