June 2020 Real Estate Market Update
The COVID-19 pandemic is far from over but Toronto’s real estate market is acting otherwise — housing prices were up nearly 12% in June compared to the same month in 2019, and the number of homes sold was just shy of the mark set a year ago.
The average selling price was $930,869, an almost $100,000 increase over last June when the average price of a home was $831,882. This is a new all-time high, surpassing the previous April 2017 market peak.
Detached and semi-detached homes experienced the greatest price growth in June at 14.3% and 22%, respectively. Almost 45% of all detached home sales were above the $1 million price mark. This points to a resurgence in the higher end market.
Condos saw less dramatic price growth of 5.6%, where they averaged about $673,000.
Home prices have held steady since the pandemic lockdown in mid-March, largely because as the number of buyers dwindled, so did new listings.
The rise in selling prices in June can be attributed to a combination of historically low mortgage rates, providing an incentive to purchase now rather than wait; pent-up demand from prior to the onset of the pandemic, which has only increased further over the past three months; and the persistent lack of properties on the market to meet this demand.
While new listings are coming out — up 2.1% on a year-over-year basis — there’s not an abundance. Active listings at the end of June were down by almost 29% compared to the prior year.
The Toronto Regional Real Estate Board (TRREB) says growth in new listings will need to outstrip growth in sales for a number of months before active listings approach last year’s levels.
At present, current months of inventory is 1.6, which indicates the city is in a very strong seller’s market and a return to the heyday of multiple offers pre-pandemic. Months of inventory for semi-detached homes is 0.9, followed by townhomes (both freehold and condo) at 1.0, detached homes at 1.6 and condos at 2.4. While the condo sector is seeing a little more inventory, it, too, is considered a seller’s market.
Average property days on market is 26, down from 32 in May, indicating properties are selling more quickly once again.
Though still in the early days of recovery, TRREB says, barring any setbacks, stronger market conditions should continue in the second half of 2020, as people look to satisfy their ownership housing needs.
Here’s how the real estate market performed in six Etobicoke neighbourhoods in June. If you live in or would like to obtain real estate data on another neighbourhood, contact Clare Tattersall at 647-625-3282 or clare@realtorontowest.com.
Alderwood
Average Home Price: $1,187,087
Number of Homes Sold: 16
Average Days on Market: 21
In the community of Alderwood, 16 homes sold in June 2020, representing an increase of 8 homes over the same month last year. The average selling price for homes increased 16.8% to $1,187,087 in June 2020, from $1,016,054 a year earlier. Sales were fairly evenly split between all home types in June 2020. Average days on market increased to 21 days from 8 days year-over-year.
Average home prices for Alderwood for Q2 2020 are available here.
Islington-City Centre West
Average Home Price: $1,388,063
Number of Homes Sold: 16
Average Days on Market: 15
In the community of Islington-City Centre West, 16 homes sold in June 2020, representing a decrease of 8 homes over the same month last year. The average selling price for homes increased by 7.5% to $1,388,063 in June 2020, from $1,290,979 a year earlier. Bungalows accounted for more than half (9) of all sales in June 2020. Average days on market decreased to 16 days from 27 days year-over-year.
Overall Average Condo Price: $552,989
Total Number of Condos Sold: 53
Average Days on Market: 17
The average selling price for one-bedroom, one-bathroom condominium apartments in Islington-City Centre West increased 8.9% to $490,439 in June 2020, from $450,500 in June 2019. Average days on market increased to 16 days from 11 days over the same time period.
The average selling price for two-bedroom, two-bathroom condominium apartments in Islington-City Centre West increased 12% to $617,542 in June 2020, from $551,553 in June 2019. Average days on market increased to 19 days from 17 days over the same time period.
Average home and condo apartment prices for Islington-City Centre West for Q2 2020 are available here.
Long Branch
Average Home Price: $1,226,930
Number of Homes Sold: 10
Average Days on Market: 7
In the community of Long Branch, 10 homes sold in June 2020, representing a decrease of only 1 home over the same month last year. The average selling price for homes increased by 14.8% to $1,226,930 in June 2020, from $1,069,000 a year earlier. Two-storey detached homes accounted for more than half (6) of all sales in June 2020. Average days on market decreased to 7 days from 18 days year-over-year.
Average home prices for Long Branch for Q2 2020 are available here.
Mimico
Average Home Price: $1,175,311
Number of Homes Sold: 19
Average Days on Market: 13
In the community of Mimico, 19 homes sold in June 2020, representing no change from the same month last year. The average selling price for homes decreased 2% to $1,175,311 in June 2020, from $1,199,684 a year earlier. Detached two-storey homes and three-storey townhomes accounted for more than three-quarters (15) of all sales in June 2020. Average days on market decreased to 13 days from 14 days year-over-year.
Overall Average Condo Price: $651,085
Total Number of Condos Sold: 82
Average Days on Market: 16
The average selling price for one-bedroom, one-bathroom condominium apartments in Mimico increased 10.8% to $535,888 in June 2020, from $483,700 in June 2019. Average days on market decreased to 14 days from 18 days over the same time period.
The average selling price for two-bedroom, two-bathroom condominium apartments in Mimico increased 7.3% to $756,219 in June 2020, from $704,984 in June 2019. Average days on market decreased to 16 days from 26 days over the same time period.
Average home and condo apartment prices for Mimico for Q2 2020 are available here.
New Toronto
Average Home Price: $1,112,792
Number of Homes Sold: 12
Average Days on Market: 11
In the community of New Toronto, 12 homes sold in June 2020, representing an increase of 2 homes over the same month last year. The average selling price for homes increased 32.6% to $1,112,792 in June 2020, from $839,190 a year earlier. This significant percentage change may be attributed to more sales of higher end homes in June 2020. Average days on market decreased to 11 days from 13 days year-over-year.
Average home prices for New Toronto for Q2 2020 are available here.
Stonegate-Queensway
Average Home Price: $1,477,875
Number of Homes Sold: 16
Average Days on Market: 24
In the community of Stonegate-Queensway, 16 homes sold in June 2020, representing a decrease of 4 homes over the same month last year. The average selling price for homes declined 4% to $1,477,875 in June 2020, from $1,420,560 a year earlier. Average days on market increased to 24 days from 19 days year-over-year.
Average home prices for Stonegate-Queensway for Q2 2020 are available here.
Overall average condo price includes all condo apartment configurations. One-bedroom condos include one bathroom only. Two-bedroom condos include two bathrooms only.
