Toronto Average Home Prices Hit Record High In June

By: Thomas Cook

Toronto Average Home Prices Hit Record High In June

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.

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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