Toronto real estate market news. June 2020 Toronto Real Estate Market Update 🏡
Wednesday Jul 15th, 2020
00:08 - percentage increase for all property types combined in the GTA
00:15 - average price increase between June 2019 to June 2020 for all property types combined
00:23 - housing sector that saw the highest increase in value
00:39 - housing sector that saw the lowest increase in value
00:56 - 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
1:46 - final thoughts
The phenomenal news for homeowners is that the average property price has gone up +11.9% from $831,882 to $930,869.
The housing sector that saw the highest increase in value on average, was the semi-detached houses in Toronto. And they saw a huge +22% increase in prices between June 2019 to June 2020.
On the other hand, the housing sector that saw the lowest increase in value on average were the condos in Toronto and they saw a +5.6% increase 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 Toronto, the average price is $1,523,770.
A semi-detached home comes in at an average price of $1,287,832.
While a townhouse in Toronto costs an average of $855,339.
Now for the condo market, the average condo in Toronto comes in at $672,465.
In terms of the volume of sales, we have returned back to the normal levels.
The month of June reported 8,701 sales, which is only 1.4% lower than the number of transactions compared to the same time last year in June 2019.
Here are some final thoughts. The average statistics released by the Toronto real estate board is just one indicator of how the market is doing, overall. The Greater Toronto Area is a huge market and there is a tremendous amount of variation within that market. Please 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 released by the Toronto real estate board is a reflection of the strength of our local economy here in the GTA. The fact that our real estate market has shown a full recovery within 90 days is a powerful testament as to how resilient our real estate market is. And that's because the GTA is a very strong independent market and we are not nearly as susceptible to the fluctuations that other parts of Canada are seeing. The bottom line is, the GTA has very strong underlying elements and established industries that drive our local economy.
Now, if you're curious to know the estimated value for your property, feel free to reach out to our team. And let us know in the comments below what city you're in and what trends you're noticing in your local real estate market.
In the meantime, if you have any real estate questions or needs, give us a call.