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.
- June sales (11,106) were orders of magnitude higher than last year– and were the 3rd highest ever for the month of June on TRREB
- The ratio of sales-to-listings stayed level at 98.3% in June– leaving us still in extreme seller market territory
- The June average sale price came in at a close-to-record $1,089,536– 17% above one year ago and 31% above the June average in 2019.
- The GTA real estate market overall averaged a quick 13 days-on-market
- Detached home sales in June 2021 with a purchase price over $2,000,000 were up a big 98% (641 houses) while condo apartment sales over $2M also increased by a more moderate 44% (23 suites) compared to June 2020
- The CONDO townhouse / highrise share of the market came in at 33.2% during the month
- Downtown condo active listing numbers were lower by 4.4% in C01 and up 1.4% in C08 from last month
- June year-over-year downtown condo sales were up by huge numbers in C01 (60%) and C08 (72%) compared to 2020 with near- or record sale numbers in both TRREB districts
- The downtown condo days-on-market average slowed slightly to 14 days (C01) & 16 days (C08)
- Reversing the trend seen in the past several months, the ratio of sales-to-listings for condos downtown increased slightly in C01 to 69.1% and in C08 to 60% leaving both condo districts in busy seller market territory
- Because of the influence of higher inventories due to lower tenant demand, lower immigration into Toronto and restrictions on Airbnb rentals, the adjusted average condo sale price still showed a very slight decline of -3.6% in C01 and by -2.5% in C08 from June 2020. Both areas are up 5-6% however from June 2019
- Despite the doom and gloom you see in the media about the combination condo townhouse and high-rise suite market, June continued the recovery for condo sales – 2nd highest sales ever in C01 and highest-ever June condo sales in C08
- June saw detached homes in the 905 appreciate year-over-year by an average 29% and 905 condominium average sale prices rose by a big 15.9%
- As we go into the summer market, expect typical slowdowns in sales but lower inventories will keep our market moving
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