Confidence Is Returning… Slowly

By: Thomas Cook

Confidence Is Returning… Slowly

In June sales were up 10.4% compared to last year with 8,860 houses and condominiums changing hands in all the districts.
Condo townhouse and high-rise suites took a lower 32% share of the market with 2,832 units being sold which is very slightly down from 2018.
The June average sale price for all GTA homes came in at $832,703 – up just 3% from one year ago.  This average is now up 5.1% from the average market high back in June 2017 for the first time this year.
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The inventory average for the month of June compared to historical numbers was lower by 5.7% compared to last year at this time.
This is actually a good sign since we’re not being overwhelmed with high inventory levels and is probably keeping us from seeing a slump in prices in some GTA locations.
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in.  24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
In June, that ratio finished at 45.1% - about 7% above last year but almost 5% below May of this year – indicating a slower market as we move into the summer months. 
The days-on-market average for GTA / Toronto homes was 21 days, 2 days slower than May.

Here’s a snapshot summary of the significant real estate milestones for Toronto in June 2019… is some confidence returning to the market?

Watch the video to get the complete June 2019 Market Report details.

Here's the complete text version of the June 2019 Toronto Real Estate Market Report to read.
Keep Up To Date With Toronto's Real Estate Market
Every month we communicate with our readers to give them accurate insights and statistics about what's happening in the Toronto and GTA real estate markets.
Subscribe to our free monthly FYI Newsletter HERE.