OTTAWA, Sept 3 (Reuters) - Toronto-area housing sales volumes hit another monthly record in August as buyers continued to play catch-up following a spring lull amid restrictions due to the COVID-19 pandemic, the Toronto Regional Real Estate Board (TRREB) said on Thursday.
Total home sales across the greater Toronto area (GTA) jumped 40.3% in August from the previous year and were down 2.8% compared to July. New listings rose 56.8% year-over-year, while active listings rose 5.0%.
"Market conditions remained very tight in the GTA resale market in August. Competition between buyers was especially strong for low-rise home types, leading to robust annual rates of price growth," TRREB chief market analyst Jason Mercer said in a statement.
The average selling price jumped 20.1% to C$951,404 on red-hot demand for detached and semi-detached housing. New condo listings outstripped condo sales, slowing price growth in that segment. The following are details on Toronto home sales and prices in August:
AUG 2020
July 2020
AUG 2019
YR/YR PCT CHANGE TOTAL SALES
10,775
11,081
7,682
40.3%
AVERAGE PRICE C$951,404
C$943,710
C$792,134
20.1% NEW LISTINGS 18,491
17,956
11,789
56.8% After preliminary seasonal adjustment
AUG 2020
MTH/MTH PCT CHANGE SALES
10,344
10.5% AVERAGE PRICE C$983,932 2.6% Sales by type of property
AUG 2020
YR/YR PCT CHANGE DETACHED
5,429
50.6% SEMI-DETACHED
1,064
66.8% TOWNHOUSE
1,875
45.8% CONDO APARTMENT
2,286
10.9%