BUSINESS
07/07/2020 08:32 EDT

Toronto House Prices Are Way Up Compared To Last Year

The average selling price for a home in the city is up 12% in a year.

Norm Betts via Getty Images
A sold sign appears in front of a Toronto property in 2009. The average selling price in Toronto in June 2020 was $930,869, according to the Toronto Regional Real Estate Board.

TORONTO — The Toronto Regional Real Estate Board says the number of homes sold in the region in June was just shy of the mark set a year ago as the average selling price rose nearly 12 per cent compared with June 2019.

Home sales plunged earlier this year as the COVID-19 pandemic forced buyers to the sidelines, however, sales have picked up as businesses have started to reopen.

The real estate board says there were 8,701 homes sale in June, down 1.4 per cent compared with the same month last year.

On a seasonally adjusted basis, sales in June were up 84 per cent compared with May.

The average selling price was $930,869, up 11.9 per cent compared with June 2019.

Toronto board president Lisa Patel says it’s still the early days of recovery, but barring any setbacks, she expects to see stronger market conditions in the second half of the year.

This report by The Canadian Press was first published July 7, 2020.

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