The real estate market remains hot! July was a record-breaking month for real estate as the GTA reported 11,081 sales - a 29.5% increase over July 2019 and a new record for the month of July. It’s hard to believe we are in a pandemic and the numbers for July are mind boggling. We are seeing the results of pent up activity from both buyers and sellers, that has been accumulating over that last few months. Low interest rates and limited overall supply are also increasing competition across our market. Here are some of the results for July:

AVERAGE SALE PRICE FOR GTA - $943,710 Up 16.9% from $806,755 - July 2019

AVERAGE SALE PRICE FOR TORONTO - $1,017,320 Up 21% from $839,943 – July 2019

AVERAGE DETACHED FOR GTA - $1,154,356 Up 16% from $995,043 – July 2019

AVERAGE DETACHED FOR TORONTO - $1,541,003 Up 25% from $1,227,301 – July 2019

AVERAGE SEMI-DETACHED FOR GTA - $915,451 Up 16% from $786,974 – July 2019

AVERAGE SEMI-DETACHED FOR TORONTO - $1,181,014 Up 20% from $981,802 -July 2019

AVERAGE CONDO PRICE TORONTO - $682,999 Up 8.8% compared to $627,927 - July2019

NEW LISTINGS - 17,956 Up 24% compared to 14,393 – July 2019

NUMBER OF SALES - 11,081 Up 29.5% compared to 8,595 – July 2019

Price growth was strongest for low-rise home types, notably within the City of Toronto. Despite more balanced market conditions in the condo market, year-over-year price growth remained in the high single digits. We also experienced stronger sales growth in the more expensive detached market sector, which helps explain why the overall average selling price was high. The real estate board has said that its original pre-Covid forecast of 10% price growth for 2020 could still be realized, but it all depends on whether we get a second wave of the virus. Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Port Hope and Cambridge Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.

Here Are The Top Five Trending Stories Of The Week:

Interest in buying home nearly doubles amongst Ontario renters

”Ontario renters who are active in the real estate market are nearly twice as likely to express interest in buying a home due to the pandemic.”

What Pandemic? Toronto Area’s Housing Market Just Broke A Sales Record

“July was a record-breaking month for Toronto real estate sales, as 11,081 homes changed hands.”

Unsold luxury homes in Metro Vancouver offered new path through auction

“It is no secret that Metro Vancouver’s luxury housing market is not in a great shape, and this was the case long before the COVID-19 pandemic, due to government interventions on the local housing market that targeted foreign buyers.”

Five-storey laneway building raises questions over who Vancouver is adding density for

“A new five-storey laneway apartment building in Vancouver’s Commercial Drive neighbourhood offers a glimpse into the future of density in the city, while also raising questions about who exactly density is for in Vancouver.”

What’s the short-term future of residential real estate? We asked seven market experts

“Despite a global pandemic, house prices in the notoriously durable residential real estate market have climbed upward for the past few months, much to the disbelief of some industry insiders. After all, horrific economic conditions should precipitate a decline in an industry that relies heavily on people investing fat sums of cash, right? That said, common sense would suggest that the housing market will inevitably correct itself, flatten out to better reflect the state of the local economy. We asked seven market experts whether a housing crash is on the horizon.”