Catherine To

Broker

President's Award 2016, 2017 2018, 2019

C: 647-700-0043

E: catherineto@live.com

 

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Market Watch Reports

TORONTO, ONTARIO, AUGUST 6, 2020 - Toronto Regional Real Estate Board President Lisa Patel announces that Greater Toronto Area REALTORS® reported 11,081 sales through TRREB’s MLS® System in July 2020 – a +29.5% increase over July 2019 and a new record for the month of July. On a preliminary seasonally adjusted basis, sales were up by +49.5% compared to June 2020. Year-over-year sales growth was driven by low-rise home types, particularly in the regions surrounding the City of Toronto. However, condominium apartment sales were also up on an annual basis, including in Toronto.


Total new listings were also up strongly on a year-over-year basis by +24.7%, but this annual growth rate was less than that of sales, which means market conditions tightened on average compared to July 2019. In addition, active listings at the end of July were down by -16.3%“Sales activity was extremely strong for the first full month of summer"Normally we would see sales dip in July relative to June as more households take vacation, especially with children out of school. This year, however, was different with pent-up demand from the COVID-19-related lull in April and May being satisfied in the summer, as economic recovery takes firmer hold, including the Stage 3 re-opening. In addition, fewer people are travelling, which has likely translated into more transactions and listings,” said Ms. Patel. 

The July 2020 MLS® Home Price Index (HPI) Composite Benchmark was up by +10% compared to July 2019. The overall average selling price was up by +16.9% year-over-year to $943,710. On a preliminary seasonally adjusted basis, the average selling price was up by +5.5% compared to June 2020Price growth was strongest for low-rise home types, notably within the City of Toronto. Despite more balanced market conditions in the condominium apartment market segment, year-over-year price growth remained in the high single digits

“Competition between buyers continued to increase in many segments of the GTA ownership 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.

Identify Grow-operation 

As a realtor, it is our fiduciary duty to protect the interests of my clients. One of which that I often do is to find out the possible grow-op history of the house that my clients are interested to purchase. This is by far one of the biggest concerns that most home buyers have. I want to share the below links with you to help you to identify a grow-op and the locations of those published grow-op online. If you like the info., please share with your friends and families.

 

 

1. RCMP Grow-op Tips

2. Scarborought Grow-op

3. 12 Signs That Your Home Was a Grow-op

Identify Stigmatized Properties 

As a realtor, we may refuse to answer this question because it is difficult to fulfill the answers for different buyers. But we must be fair, honest and maintain our intergrity if we choose to answer the concern from buyers. Click here to find out how we can help to address your concerns.