July Market Analysis

By: Marilyn Palmer

July Market Analysis

Tags: homes, detached, condos, Toronto, Home Prices, Burlington, Oakville, Milton, Mississauga, home sales, buying and selling, real estate

As all areas of the GTHA moved into Stage 3 opening, home sales and listings were up across the GTA (including Mississauga), Burlington, Oakville and Milton areas.  I would just like to mention that if anyone wishes to see the Market Analysis in a specific area, such as Downtown Oakville, or Port Credit, etc., please contact me.  I would be more than happy to forward that information to you.  Here's your July Market Analysis:

The Realtors® Association of Hamilton-Burlington reported home sales were up by 37% and new homes on the market increased by 34%.  So, tight market conditions and pent-up demand is still strong.  The average Selling price was up 15% to $886,782.00.  

RAHB President was quoted as saying,"As we can see from the data, activity has resumed to pre-COVID-19 levels and is suprassing the levels we would typically see in the summer due to pent-up demand over the last several months.  What is also affecting the market - and more specifically the increase in average price - is the low number of active listings."  In Burlington alone, the number of active listings decreased by 21%.  For your full report, please click here.
WOW Milton - in the number of new homes on the market (listings), for just the Condominium and Townhouse segment - an increase of 40.7% when compared to the same period last year.  The average selling price for that segment saw an increase of 13.8% to $684,013.00.  In Oakville, both sales in the Detached and Townhouse/Condo segments saw an increae of around 17.6% and 23.4% respectively.   Sales in both saw an increase of 23.6% and 23.4%, respectively when compared to 2019.  For your full report on the Oakville and Milton areas please click here.   

Greater Toronto Area Realtors® reported a 29.5% increase over July 2019 and a new record for the month of July.  Year-over-year home sales growth was driven by the low-rise home type, particularly in the regions surrounding the City of Toronto.  Total new listings (homes new to the market) were up by 24.7%, but this annual growth rate was less than that of sales, which of course means market conditions tightened on average compared to July 2019.  Important to note, that active listings at the end of July were down by 16.3%.

The overall average selling price was up by 16.9% to $943,710.00.  The July 2020 Home Price Index (HPI) Composite Benchmark was up by 10% compared to July 2019,

"Competition between buyers continued to increase in many segments of the GTA onwership housing market in July, which fueled a further acceleration in year-over-year price growth in July compared to June,  On top of this, we also experienced stronger sales growth in the more-expensive detached market segment, which helps explain why annual growth in the overall average selling price was stronger than growth for the MLS® HPI Composite benchmark." said Jason Mercer, TRREB's Chief Market Analyst.

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