June Sales & Average Prices Remain At Record or Near-Record Levels

By: Thomas Cook

June Sales & Average Prices Remain At Record or Near-Record Levels

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our JUNE 2021 Toronto real estate market report.
 
Don’t necessarily believe media headlines… we’ve got record or near-record sales across the GTA in houses and in condos this June along with a 17% increase in the average sale price year-over-year.
 
So… let’s review some of the Toronto Real Estate Board statistics and see what’s happened.
 
Huge numbers came in once again for June with a near-record 11,106 sales of houses and condos across the GTA.  The next closest to this was way back in 2015 and 2016 when we had over 11,900 sales each year.  Low interest rates and high demand are continuing to boost our local market.
 
Sales were up 28% from June 2020 although that’s a misleading number since last year we were in the midst of the pandemic.  Sales were down about 800 homes from May
 
Condo townhouse and high-rise suites hit a near-record with sales up big time year-over-year with 3,692 units being sold. Next highest June was back in 2016 when there were 4,017 units sold.
 
The June 2021 average sale price for all GTA homes came in at $1,089,536… a big 17% increase compared to one year ago.  Since February 2021, the average has been just under $1,100,000.
 
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The ‘active listing’ inventory average for the month of June was down 19% compared to last year at this time.
 
Active listings for the month were up 8% compared to May 2021.
 
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.
 
With our busy market… the June ratio stayed level at 98.3% which is representative of an extremely busy seller’s market.
 
The days-on-market average for GTA / Toronto homes was 2 days slower at 13 days.
 
Here’s a snapshot summary of the significant real estate milestones for Toronto in JUNE 2021 as we come to 15 months since the start of the coronavirus pandemic.

Thomas Cook
Thomas@LivingInToronto.com
647-962-1650


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