Home prices in Toronto set a new record for a third consecutive month in August as the rebound in home-buying activity continued after a decline at the onset of the COVID-19 pandemic.
The average selling price across the Great Toronto Area rose 20.1% year-over-year last month to $951,404, according to data from the Toronto Real Estate Board (TREB). That figure eclipses the previous record of $943,710, established in July.
Gains in Canada’s largest housing market were most substantial in the detached property market, with the average selling price up 19.9% to almost $1.2 million. Total home sales soared 40.3% year-over-year as 10,775 properties traded hands. While that was a record for the month of August, it was down nearly 300 from July’s total.
Activity in Toronto’s condo market lagged other home types last month, with sales up 10.9% and prices advancing 9.5%.
At the same time, home sales in Metro Vancouver totaled 3,047 in August at a benchmark price of $1.04 million, as the housing market continued its recovery from the COVID-19 pandemic.
The number of homes sold in Vancouver last month was nearly 20% higher than the 10-year average for August, although there was a slight decrease from the 3,128 homes sold in July, the Real Estate Board of Greater Vancouver said.
The benchmark price in August was 5.3% higher than in August 2019 and 0.7% higher than July for the Vancouver area, which includes Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver and Whistler.
While the number of homes listed for sale increased to 12,803 in August from 12,083 in July, the housing supply is still below the 13,396 homes that were on the market this time last year.
The ratio of sales to active listings -- closely watched in the real estate market -- hit 23.8%. If the ratio stays above 20% for several months, it can put "upward pressure" on home prices, the board said. And although apartments represented 1,332 of the homes sold last month, both detached and attached homes saw sales spike more than 50% in August, compared with the same month last year.
