Toronto Home Prices Soar To Record Highs In August
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Greater Toronto Area Report August 2020 Steve Moran, Remax
Toronto's housing market ht new record highs in August, with sales and prices spiking, as low mortgage rates fueled competition for homes despite economic uncertainty brought on by the pandemic.
Sales increased 40 per cent over August 2019, driven by very strong demand in the suburbs.
The average selling price across all types of homes rose 20 per cent year-over-year in August to $951,404.
With mortgage rates at record lows, it has become cheaper for home buyers to borrow. The popular five-year fixed-rate mortgage is below 2 per cent.
There is now heightened interest in the suburbs and cities outside of Toronto, with buyers placing a premium on bigger properties and outdoor spaces.
The softest part of the housing market in August was condos, as more buildings are developed and demand weakens because of the immigration slowdown and the desire for bigger properties and outdoor spaces.
Looking forward, it is unknown how the end of the mortgage deferrals that banks have granted customers and other government aid will affect the housing market when they begin to be phased out this fall.
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