Greater Toronto real estate is seeing a big jump in sales, and it’s mostly people fleeing to the burbs. Toronto Regional Real Estate Board (TRREB) data shows it was the most sales for July in at least a decade. The increase in sales was primarily driven by a surge in the 905, where inventory is falling behind demand. The City on the other hand, is seeing new listings grow at three times the pace of sales.
Greater Toronto’ Real Estate Prices Make Abrupt Jump
The price of a typical home, all types included, made an usually large increase during the pandemic. The TRREB benchmark price reached $880,400 in July, up 10.01% from the same month last year. The City of Toronto reached $967,900, up 9.06% over the same period. This isn’t just unusual during a pandemic, it’s an unusual trend for the history of Toronto real estate prices….CLICK for complete article