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REAL ESTATE MARKET UPDATE: JULY 2020

REAL ESTATE MARKET UPDATE: JULY 2020

11,081 homes changed hands last month making July 2020 a record-breaking month for Toronto real estate. This was a jump of 29.5 per cent compared to July 2019. Detached homes were July’s property type leader with sales across the GTA up by 43.7 per cent year over year with the number of detached homes in the 905 coming in at a massive volume of 4,531 units. July sale prices in the city of Toronto had a 25.5 per cent price gain for an average of $1.54 million. The increased option of working from home due to the COVID-19 pandemic and the desire for homes that have space to accommodate home offices have been pointed to as drivers for this summer momentum. The level of activity in July also points to the spring market’s deep freeze having only delayed demand that is now pushing new sales records.