May 2020 Market Stats

Recent Toronto real estate update. May 2020 Toronto real estate update

Sunday Jun 14th, 2020






Here is the most recent Toronto real estate market update sharing the numbers and statistics for the month of May 🏡 These numbers were released by the Toronto real estate board and you can click here to view the statistics chart.


Below are the clickable timestamp links for the video:


00:11 - percentage increase for all property types combined in the GTA

00:15 - average price increase between May 2019 to May 2020 for all property types combined

00:24 - housing sector that saw the highest increase in value

00:40 - housing sector that saw the lowest increase in value

1:00 - average price for a fully detached home

1:11 - average price for a semi-detached home

1:18 - average price for a townhouse

1:27 - average price for a condo

1:35 - volume of sales May 2020 vs May 2019

1:46 - final thoughts

2:15 - properties that are selling extremely well



Full Video Transcript:


Hey guys, it's Karen from Toronto here.

Now, the Toronto real estate board has released the latest statistics over the past month, so let's take a look at the numbers together.

The good news for homeowners is that the average property price has gone up by +3% from $838,248 to $863,599.

The housing sector that saw the highest increase in property values was the condo market in the Toronto 416 area. On average, Toronto condos saw a +5% increase in value between May 2019 to May 2020. 

On the other hand, the housing sector that saw the lowest increase in property values, on average, were townhouses in the Toronto 416 area. Toronto townhouses were down slightly by -0.2% in value over the past year.

Now to put things in perspective, let's look at the average price of a home.

For a fully detached home in the Toronto area, the average price is $1,422,273. A semi-detached home comes in at an average of $1,143,322, while a townhouse in Toronto comes in at an average price of $794,626.

Now for the condo market, the average Toronto condo is coming in at $674,028.

In terms of the volume of sales, the month of May had about 46% of the number transactions compared to the same time last year in May 2019.

Here's some final thoughts. The average statistics that are released by the Toronto real estate board every month, it's just one indicator of how the real estate market is doing overall. The Greater Toronto Area is such a huge market with so much variation.

So keep in mind that within the GTA, your local real estate market in your neighbourhood or within your condo building, it could be very different than these average statistics.

One thing that I will mention is that properties that are priced at the average price points or lower, those properties are selling extremely well and it is common to see multiple offers again within that price range.

If you're curious to know the estimated value for your property in this market, feel free to reach out to our team. And let us know in the comments below what city you're from and what you're noticing in your local real estate market.

And in the meantime, if you had any real estate questions or needs, give us a call.


Post a comment