Despite the pandemic Toronto house prices soar to an all time high in June
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Greater Toronto Area Report June 2020 Steve Moran, Remax
Much like the economy, the real estate market has bounced back sharply in June. If you look comparably to last June, you would not think that a pandemic has actually ripped through the economy.
In the Toronto region, sales and prices have rebounded to pre-COVID-19 levels. Average selling prices are up almost 12 per cent in June compared to a year ago to $930,869.
Home buyers put their purchases on hold when the COVID-19 pandemic hit in March. Now that Ontario and Toronto are starting to allow businesses to reopen and are easing restrictions, buyers have started to pounce.
Once again, properties across the Toronto region are attracting multiple offers well over asking prices. Ultra low mortgage rates, a shortage of properties available for sale and a return to the pent up buying that existed pre-pandemic are leading to bidding wars and higher prices.
Looking forward, a gradually improving labour market and historically low mortgage rates are expected to support a continued recovery in home sales in the second half of 2020 along with sustained year-over-year price growth.
