July 7, 2020 | Buying
As our city is doing its best to adhere to the everchanging provincial rules and precautions throughout this ongoing COVID-19 pandemic, our Real Estate market is continuing to do its best to survive throughout these changes as well.
There were 8,701 sales reported through the Toronto Real Estate Board’s MLS System in June 2020. These numbers proved a substantial increase over previous sales numbers seen in May 2020, both on an actual (+89 per cent) and seasonally adjusted basis (+84 per cent), and was only down by 1.4 per cent compared to June 2019.
The detached and townhome market segments surrounding the GTA regions surrounding the City of Toronto were especially notable in the year-over-year growth in sales. New listings were up slightly on a year-over-year basis by 2.1 per cent. However, a 28.8 per cent decline was seen in the number of active listings by the end of June 2020 compared to those seen in June 2019. Growth in new listings will need to surpass growth in sales over the course of a number of months in order to approach last year’s active listing levels.
The MLS Home Price Index Composite Benchmark was up by 8.2 per cent year-over-year in June. All home types displayed an average selling price combined of $930,689 – which was up by 11.9 per cent compared to June 2019. The actual and seasonally-adjusted average selling price was also up substantially compared to May 2020, by 7.8 per cent and 9.8 per cent.
The strongest average annual rates of price growth were predominantly featured in the detached and semi-detached market segments in the City of Toronto at 14.3 per cent and 22 per cent respectively. These numbers coupled with the fact that the average selling price growth outstripped growth in the MLS HIP benchmarks, points to the revival of higher-end market segments.
We will continue to keep a close eye out on the Toronto market activity and update you appropriately. We want to ensure you that we are here every step of the way for you to help guide you through the Real Estate Market that is constantly ever-changing. Contact us today for a no-obligation chat about what the market is doing specifically in your area and we will help you navigate these choppier conditions as best as we can!