What a recovery!! In June, at the end of the traditionally busy spring market, sales were almost back to the busy levels from 2019 with 8,701 houses and condominiums changing hands in all the districts.
Condo townhouse and high-rise suite sales were down by 12.5% with a 28.5% share of the market and 2,479 units being sold. This however is almost a 90% jump over May 2020 condo sales!
The June average sale price for all GTA homes came in at $930,869, up about $65,000 from the month before and a big 11.9% increase compared to one year ago.
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 29% compared to last year at this time.
It’s clear that the coronavirus hit to our market has almost disappeared on the sales side while inventory levels are lagging.
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.
While in May that ratio (40.2%) had come up significantly from April, the June ratio made a big jump into seller market territory with a 62.1% ratio.
The days-on-market average for GTA / Toronto homes was 18 days, 6 days faster than May.
Here’s a snapshot summary of the significant real estate milestones for Toronto in June 2020 as we finish the 4th month of the coronavirus pandemic.
- June sales were just 1.4% lower than last year (8,701)
- The ratio of sales-to-listings increased again to 62.1% in June – a nice bump into ‘busy’ seller market territory
- The June average sale price came in at $930,869– 11.9% above June 2019 and the highest this year so far
- It seems like our social distancing requirements and restrictions on safe showings had a minimal influence on our busy market
- The GTA real estate market overall averaged 18 days-on-market
- Detached home sales in June 2020 with a purchase price over $2,000,000 were up a big 44% (323 houses) while condo apartment sales over $2M were up by a modest 23% (3 suites) compared to June 2019
- The CONDO share of the market was relatively steady at 28.5% during the month
- Downtown condo active listing numbers were UP by a big 52% in C01 and by 85% in C08 from last year at this time
- June condo sales continued to be lower… down by 11% in C01 and a decline in C08 by 8.5% compared to 2019
- The downtown condo days-on-market average was 16 days in C01 and 14 days in C08
- The ratio of sales-to-listings for condos downtown continued to show significant declines in C01 (from 57% in 2019 to 33.1%) and in C08 (from 65% in 2019 to 32%)
- Even when influenced by the lower demand and higher inventories due to the virus effect, condo values still beat the averages seen in June 2019 and appreciation gains over the last 12 months stayed strong
- Sales numbers for detached homes in many 905 neighbourhoods were up 10+% while condo sales in the 905 were lower by 22%
- There are multiple points of view as to ‘should you list now or wait’ and ‘what will happen to prices’. The answers to each of those questions will hinge in part on what type of home you have (house or condo), what neighbourhood you own in and your personal situation so you’ll need to get specific advice based on those criteria.
Watch the video to get the complete June 2020 Market Report details.
Here's the complete text version of the June 2020 Toronto Real Estate Market Report to read.
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