Toronto
June boom: sales of homes and townhomes accelerate while condo slowdown presents a temporary buying opportunity in Toronto’s downtown core.
Market Overview The first quarter of 2020 showed busy activity until the onset of Ontario’s COVID-19 lockdown mid-March. Despite a mid-Q2 pause, Toronto’s popularity among domestic and international migrants is keeping the market
In June 2020, YoY residential home benchmark prices were up
11.9%
on firm ground. Supply and demand fell in tandem and the market remained balanced. The halted spring season picked up in June, with inventory moving in most segments except the condo market. Resales were up 49 per cent year-over-year during the first two weeks of March. As lockdown began, the season adjourned. Home sales plummeted 16 per cent in the latter half of the month.32 Engel & Völkers reports from March to April, total units sold for all homes priced $1-4 million fell from 616 in March to 251 in April.
balanced pace. At the close of the month, prices rose by three per cent year-over-year, indicating the market is regaining traction and moving toward normalcy.33 June’s arrival ushered in pent-up buyer demand, especially for detached and semi-detached homes. This, coupled with tight housing supply and growing consumer confidence post-COVID, is effectively positioning Toronto as a seller’s market. Residential home benchmark prices were up 11.9 per cent year-over year with the strongest
May brought the first glimmer of market recovery as
price growth in the detached and semi-detached
Toronto saw a pick-up in housing activity. Home sales
segments, up 14.3 per cent and 22 per cent respectively.
increased by 55.2 per cent and new listings jumped by
Average sales price was also up substantially by 7.8 per
47.5 per cent compared to the previous month. These
cent month-over-month, signalling a revival in the higher
activities kept the market moving at a well-distributed and
price-point segment in the Greater Toronto Area (GTA).34
32
Toronto Regional Real Estate Board, March 2020
33
Toronto Regional Real Estate Board, May 2020
34
Toronto Regional Real Estate Board, June 2020
31
Engel & Völkers Americas Canadian Luxury Real Estate Market Report Mid-Year 2020
Engel & Völkers Americas Canadian Luxury Real Estate Market Report Mid-Year 2020
31
