Toronto’s housing market hit new record highs in August, with sales and prices spiking, as low mortgage rates at record lows, it has become cheaper for home buyers to borrow despite economic uncertainty brought on by the novel coronavirus pandemic. In August, 10,775 homes sold in the Toronto region, a 40% increase over August, 2019. The average selling price across all types of homes reached $951,404, according to the Toronto Regional Real Estate Board (TRREB). Average prices for detached houses and semi-detached houses in the City of Toronto spiked just more than 20% to $1,505,100 and $1,166,226, respectively.

Metro Vancouver home sales hit 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 August was nearly 20 % higher than the 10-year average for August.