Greater Toronto Area Report July 2020 Steve Moran, Remax
It’s truly remarkable how the Toronto real estate market has shown resiliency coming out of the pandemic shutdown.
The market spiked for the second straight month, hitting record sales and pushing up prices to all-time highs as rock-bottom mortgage rates and limited supply whipped up competition.
In the Toronto region, sales jumped 30 per cent over the previous July, and the average selling price – including all detached houses and condominiums – rose 17 per cent to a record $943,710.
The rise in the average selling price was driven largely by detached houses, which soared 26 per cent in the City of Toronto to over $1,500,000.
Low interest rates are the rocket fuel that drives house prices. Mortgage rates have dropped to record lows, with some lenders offering five-year fixed rates below 2 per cent.
Looking forward, higher demand for properties with more space in a changing work from home environment will likely support continued sustained year-over-year price growth.
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