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:
BURLINGTON MARKET ANALYSIS
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.
GREATER TORONTO AREA ANALYSIS
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.