Your Q2 Toronto Real Estate Market Update
Today, I’ll go over all the numbers from 2021’s first two quarters.
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We recently received access to all the housing numbers from the first half of 2021, so I’d like to go over them with you today. Hopefully, they can shed some light on our crazy market.
First things first, sales. In June, we had around 11,106 home sales in the Toronto area. That’s a 7.1% decrease from May. Meanwhile, active listings were around 11,297. This is about a 7.8% decrease from last month.
We have about a one-month supply of inventory, which is the same as last month. As some of you may know, a balanced market is closer to six months of inventory on hand. This means we are still definitely in a seller’s market.
The average listing price in June was $1.09 million, which is a small 1.7% decrease from May. The average days on market was 13, also a decrease from May.
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Things have been so hot for so long, I think everyone just wants a second to relax.
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Now, let’s take a look at the year-over-year comparison. In June of 2020, we had 8,701 sales. This June had 11,106 sales. This is a huge increase of 27.6%. Something to keep in mind is that this is probably a result of COVID, but it is still a huge jump.
In all of quarter two for 2020, we had 16,282 sales. Over the same period this year, we’ve had 36,720 sales—a 125% increase. Meanwhile, the average price rose from $872,000 in 2020 to $1.10 million in 2021 for a 26.1% increase.
Frankly, these are incredible numbers for this year. We can see the market start to slow down just a little bit as we head into July. It seems like there’s a lot of buyer fatigue that is setting in, but it may also have to do with agent fatigue. Things have been so hot for so long, I think everyone just wants a second to relax slightly. However, I fully expect things to bounce back hard in the fall, mainly because inventory remains so low.
If you have any questions about these numbers or anything else real estate-related, don’t hesitate to reach out to me or my team. We look forward to hearing from you.