TRREB home sales report for July 2020

TRREB home sales report for July 2020

Aug 7, 2020

July sales figures are out by TRREB (Toronto Region Real Estate Board).

The report shows a continuing upward trend in sales as well as the average selling price.

Sales went up a whopping 49.5% compared to the last month of June while it went up by 29.5% compared to the same month last year.

The average sales price recorded a distinct 17% increase while it went up by 5.5% comparing to last month this year.

While the new listings for sale were up by almost 25% comparing with July last year but so was the sales of the properties by 3% creating a bigger gap between the properties available for sale and the buyers in the market further supporting the upward trend of the home prices.

Since there was a lesser supply of houses in the market, the properties were selling faster and remained over 24% fewer days in the market compared to July last year but days on the market were further squeezed if we compare it with the last month of June 2020.

Overall, the Condo prices and sales also went up, but the major push was due to the non-Highrise property market.

Contrary to the general impression that due to COVID-19 the home sales would be down and eventually the prices would see some pruning during this period, what we are seeing is multiple offers and properties selling over asking prices, and the trend is continuing upward without looking back.

Take care of yourselves and follow the safety precautions defined by healthcare professionals.

Please pray for the safety of all and the cure for COVID-19 to be found at the earliest.

#BeSafeAndHelpOthersBeSafe

A. Q. Mufti