As expected we saw the market trends from April carry forward into May. COVID-19 and related social distancing measures continues to impact the Toronto real estate market but we are starting to see some life come back to the market.
Central Toronto REALTORS® reported 135 detached home sales through the Toronto MLS® in May 2020. It was also reported that, on average, detached homes sold for $2,013,676 in May 2020. That compares to 418 freehold detached home sales through the Toronto MLS® in May 2019. A 68% decrease in volume. It was also reported that, on average, freehold detached homes sold for $1,952,995 in May 2019. That is a 3% increase in price.
Central Toronto REALTORS® reported 128 semi-detached home sales through the Toronto MLS® in May 2020. It was also reported that, on average, semi-detached homes sold for $1,290,421 in May 2020. That compares to 324 semi-detached home sales through the Toronto MLS® in May 2019. A 60% decrease in volume. It was also reported that, on average, semi-detached homes sold for $1,209,856 in May 2019. That is a 7% increase in price.
Central Toronto REALTORS® reported 456 condo sales through the Toronto MLS® in May 2020. It was also reported that, on average, condos sold for $768,448 in May 2020. That compares to 1061 condo sales through the Toronto MLS® in May 2019. A 57% decrease in volume. It was also reported that, on average, condos sold for $762,854 in May 2019. That is a 1% increase in price.
Given the strength and resilience of the Toronto Real Estate market going into this pandemic, we have little doubt that it will recover and we are already starting to see signs of a gradual recovery. In May overall volume is down but prices have stabilized and even increased slightly across all property types.
