June 2023 - Looks like a 'traditional' summer market this year
It looks like 2023 will be the year when we have a traditional summer market where sales slow through July and August and don't begin to pick up until after Labour Day in September.
June sales this year were among the lowest in the last 23 years, going back to between 2000 and 2002. Based on sales-to-date (38,696), 2023 should end with total sales in the 75-80K range, on par with 2018 (78,017) which was the lowest in the past 13 years.
The consistent lack of listing inventory continues to prop up the market and keep the ratio of sales-to-listings (turnover rate) above 50% (53%).
This year downtown condo sales have lagged behind the overall market. Across the Toronto Real Estate Board, the April and May turnover rate was in the mid 70% range (and now 53%) while downtown condo sales dropped from the high 40's range down to the low 30's (33-34%) in June.
Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and in the City of Toronto specifically for JUNE 2023 as we move into the summer market.
Across the entire TRREB Board, JUNE sales (7,481) were 16% above last year but significantly below the sales numbers from many previous years
Active Listings (14,107) however were 12% below those in 2022
The ratio of sales-to-listings dropped to 53% in June– statistically still in seller’s market territory but signalling a possible prelude to a slower July/August
The June average sale price came in at $1,182,120– a ‘first time this year’ increase of 3.2% from one year ago
The GTA real estate market ‘velocity’ overall has stayed steady at 14 days-on-market
Detached home sales in June 2023 with a purchase price over $2,000,000 were higher by 36% (559 houses) while condo apartment sales over $2M were lower by -5% (20 suites) compared to June 2022
The CONDO townhouse / highrise share of the market came in at 36% during the month and overall condo sales (2,711) increased by 20% from 2022
In the City of Toronto only, detached house sales (807) increased by 8% from 2022 while the average detached sale price ($1,785,128) rose by 3%
Similarly, June Toronto semi-detached sales (298) increased by 22% year-over-year while the average semi sale price ($1,408,550) rose by 5%
Downtown condo active listing numbers were down by -2% in C01 but up 5% in C08 from last year
June year-over-year downtown condo sales increased in both C01 (+5%) and in C08 (+15%) compared to 2022 with 3-month rolling average sale prices showing declines of -2% in C01 and -6% in C08
The downtown condo days-on-market average averaged between 17 & 20 days in both C01 and C08
The June ratio of sales-to-listings for condos downtown was lower in both C01 (34%) and in C08 (33%) again indicating a slowdown in advance of our summer market
The Toronto rental market remained strong as demand continued to outpace supply.
In the 905 districts, June saw average detached home prices up by 7% compared to 2022 while condo apartment prices in the 905 districts still showed a decline year-over-year of -3%. Sales here showed big increases (+15% and +34%) from one year ago
Thomas@LivingInToronto.com
647-962-1650