Market Update – June 2020

On in So How's the Market in Toronto by

We certainly saw the market come back to life last month!

Central Toronto REALTORS® reported 334 detached home sales through the Toronto MLS® in June 2020; and on average, these detached homes sold for $2,026,460.

Last year, in June 2019, Toronto MLS® reported 334 freehold detached home sales across Toronto – which is a 0% change in volume for this year. But it was also reported that on average, freehold detached homes sold for $1,859,944 in June 2019 and that’s a 9% increase in sale prices for this June!

With respect to semi-detached homes… Central Toronto REALTORS® reported 267 semi-detached home sales in June 2020; and on average, these semi-detached homes sold for $1,354,739 last month.

That compares to 259 semi-detached home sales in June 2019 – which is a 3% increase in volume for this year. But again, it was also reported that on average, semi-detached homes sold for $1,253,954 in June 2019 and that’s an 8% increase in sale prices for this June!

With respect to condo sales… Central Toronto REALTORS® reported 798 condo sales in June 2020; and on average, these condos sold for $776,169 last month.

In June 2019, there were 876 condo sales – which is a 9% decrease in volume for this year. But on average, these condos sold for $749,890 – and that’s a 4% increase in sale prices for this June!

Given the strength and resilience of the Toronto Real Estate market going into this pandemic, we had little doubt that it would recover rather quickly; and from what we have seen in June, it looks to have done exactly that.

 

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