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?
- June sales up 10.4% compared to last year (at 8,860)
- The ratio of sales-to-listings dropped slightly to 45.1% in June
- The average sale price came in at $832,703– up a positive 3% compared to last year
- Note that this overall market average is now 5.1% higher than the highest-ever average 2 years ago in June 2017
- The GTA real estate market overall averaged the days-on-market at 21
- Detached home sales in June 2019 with a purchase price over $2,000,000 were up 11% (225 houses) while condo apartment sales over $2M were down 54% (13 suites)
- The CONDO share of the market dropped slightly to 32% during the month
- Downtown condo active listing numbers were up 8.4% in C01 and increased in C08 by 20.4% from last year at this time
- June condo sales were down 18.8% in C01 and lower by 2.4% in C08 compared to 2018
- The downtown condo days-on-market average was 16-17 days – 4-5 days faster than the overall market
- The ratio of sales-to-listings for condos downtown was closely matched in C01 (56.9%) and in C08 (64.6%) but still much higher than in the overall market.
- Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 3.5 to 5.6% year-over-year… slower than at any time in 2018.
- Markets in York Region and other 905 neighbourhoods have suffered the most from the market slowdown – however sales of houses have now started to increase once again compared to condo suites
- Now that we’re in the slower summer market, expect sales to slow slightly and inventory to pick up more as we progress through August and into September - buyers should watch for more pricing opportunities to get the condo or house of their dreams.
Here's the complete text version of the June 2019 Toronto Real Estate Market Report to read.
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