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Toronto home sales soar to record in July on pent-up demand
The average selling price was up 16.9 per cent on booming sales of pricey detached homes
Toronto area housing sales volumes soared to a monthly record in July as buyers came out in full force following a spring lull amid restrictions due to the COVID-19 pandemic, the Toronto Regional Real Estate Board (TRREB) said on Thursday.
Total home sales across the greater Toronto area rose 29.5 per cent in July from the previous year and were up 49.5 per cent compared to June. New listings rose 24.7 per cent year-over-year, while active listings declined by 16.3 per cent.
“Normally we would see sales dip in July relative to June as more households take vacation,” said TRREB President Lisa Patel in a statement. “This year, however, was different with pent-up demand from the COVID-19-related lull in April and May being satisfied in the summer.”
The average selling price was up 16.9 per cent on booming sales of pricey detached homes, particularly in Toronto’s core. The condo market was more balanced, but prices still rose year-over-year.
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