15 Jul Toronto Market Update | June 2020
June reached an all-time high with average residential sale prices rising by 11.9%, up to $930,869, compared to June 2019. Seasonally adjusted, the average selling price was up by 9.8% over last month. New residential listings increased by 2.1% year over year with 16,153 homes listed in June. Transactions saw a nominal decrease of 1.5% with 8,701 sales compared to last June, though seasonally adjusted sales were up by an incredible 83.8%.
Average detached home sales prices increased by 14.3% to $1,523,770 and the average price for semi-detached homes soared by 22% to $1,287,832. Condos saw an increase of 5.6% in average sale prices to $672,465 and townhouses rose by 6.2% for an average sale price of $855,339.
June’s market stats continue on an optimistic upward trend. Following the phased reopening of businesses and the greater economy, the pent-up demand along with low interest rates and low inventory has pushed the market into a rebound. July could be one of our busiest yet!