Here’s what the latest stats say about our Toronto market.
The latest numbers from our Toronto real estate market tell an interesting tale.
As you can see in the video above (starting at 0:26), from May to June, the number of sales increased by 88.9% from 4,606 to 8,701. Obviously, that’s a huge jump and very good news for our market. The number of active listings, meanwhile, increased 22.3% from 11,448 to 14,001, and the months of inventory decreased by 35.3% from 2.5 to 1.6 months. Anytime we see this downward pressure on inventory, prices rise, and sure enough, the average price rose 7.8% from $864,000 to $931,000. Also, the average days on market dropped 43.8% from 32 to 18 days.
Year over year, the number of sales in June dropped 1.8% from 8,860 to 8,701, and the average price rose 11.8% from $833,000 to $931,000. The 1.6 months of inventory we have for detached homes is very low—considerably lower than what we saw in 2019 and the years prior. Here’s how that compares to the months of inventory for other property types:
• Semi-detached: 0.9 months
• Townhouse: 1 month
• Condo townhouse: 1 month
• Condo apartment: 2.4 months
The increase in condo apartments on the market is likely due to the COVID-19 outbreak. A lot of downtown investors couldn’t lease or use their properties as an Airbnb, so they decided to list them. Compared to last year, the combined number of sales from Q1 and Q2 decreased by 18.09% from 44,112 to 36,131.
What’s my prediction for the short term? We’ll continue to see low inventory, upward pressure on prices, and multiple-offer situations.
As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help.