Toronto real estate market news. July 2020 Toronto Real Estate Market Update 🏡
Sunday Aug 23rd, 2020
00:09 - percentage increase for all property types combined in the GTA
00:16 - average price increase between July 2019 to July 2020 for all property types combined
00:24 - housing sector that saw the highest increase in value
00:39 - housing sector that saw the lowest increase in value
00:57 - average price for a fully detached home
1:05 - average price for a semi-detached home
1:13 - average price for a townhouse
1:20 - average price for a condo
1:28 - volume of sales June 2020 vs June 2019
1:44 - final thoughts
Hey guys, it's Karen from Toronto here.
The great news for homeowners is that the average property price has gone up 16.9% from $806,971 to $943,710.
The housing sector that saw the highest increase in value were the detached homes in Toronto, which saw a huge 25.5% increase in values between July 2019 to July 2020. The housing sector that saw the lowest increase in value on average, were Toronto condos and they still saw a significant 8.8% increase in prices over the past year.
Now to put things in perspective, let's look at the average price of a home.
Now for the condo market, the average Toronto condo is coming in at $682,999.
Here are some final thoughts. The numbers that are released by the are just one indicator of how the market is doing overall. The is a huge market and there is a tremendous amount of variation within that market. Keep in mind that the local real estate market in your neighbourhood or in your condo building, could be very different than these average statistics.
One thing that I will mention is that these latest numbers from the are indicating a strong seller's market, with only 1.8 months of inventory. The substantial price increases for all home types combined with the fact that the average days on market are down by -26.1%, mean that properties are selling much quicker and for substantially more money than they did last summer.
Now if you're curious to know the estimated value for your property, feel free to reach out to our team.
Speaking of real estate prices, in an upcoming video I'll be reviewing what the minimum down payment would be to purchase the average condo in Toronto. So if you're curious to hear about those numbers go ahead and click that "like" and "subscribe" button now, so you don't miss out on that.
In the meantime, if you have any real estate questions or needs, give us a call