Toronto Real Estate Market Update - June 2019
Wednesday Jul 10th, 2019
Market conditions continued to tighten in June as the number of sales outpaced new listings. Sales in June 2019 were up by 10.4% compared to June 2018 while listings were down 5.4%. The average price for all homes was up 3% on a year-over-year basis.
Affordable options such as condos and townhomes continue to show strength due to demand from millennials, downsizing baby boomers, immigration, and a strong regional economy.
Certain asset classes and neighbourhoods continue to outperform while others do not. Buyers, sellers, and investors should seek the advice of a professional REALTOR®️ before making any decisions in the present market.
The Bank of Canada held the overnight rate at 1.75% on July 10th. The Bank continues to be data-dependent, accommodative in its monetary policy, and attentive to developments in the housing market, oil markets, and the global trade environment.
Toronto Real Estate Board (TREB) Market Watch Report
Below is a market snapshot of single family detached and condominium apartment price growth by municipality as of June 30, 2019.
The figures cited in this note are an average. Please contact us for neighbourhood specific information so you can make an informed decision if you are thinking about making a move.
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Single Family Detached Home Price Index
Toronto: -0.08% (1 Month), +1.33% (3 Month), +3.44% (6 Month), +1.41% (1 Year)
Mississauga: +0.43% (1 Month), +2.63% (3 Month), +5.07% (6 Month), +3.96% (1 Year)
Brampton: +0.52% (1 Month), +1.78% (3 Month), +5.64% (6 Month), +4.28% (1 Year)
Vaughan: +0.62% (1 Month), +2.81% (3 Month), +3.68% (6 Month), -0.04% (1 Year)
Richmond Hill: -0.14% (1 Month), +1.35% (3 Month), +0.07% (6 Month), -4.88% (1 Year)
Markham: +0.36% (1 Month), 1.24% (3 Month), +1.24% (6 Month), -2.15% (1 Year)
Condominium Apartment Home Price Index
Toronto: +0.65% (1 Month), +2.93% (3 Month), +5.47% (6 Month), +7.72% (1 Year)
Mississauga: +0.78% (1 Month), +3.84% (3 Month), +8.29% (6 Month), +13.14% (1 Year)
Brampton: +1.75% (1 Month), +2.26% (3 Month), +5.81% (6 Month), +10.40% (1 Year)
Vaughan: -0.74% (1 Month), +1.60% (3 Month), +4.04% (6 Month), +2.83% (1 Year)
Richmond Hill: +0.00% (1 Month), +2.70% (3 Month), +4.39% (6 Month), +4.02% (1 Year)
Markham: -0.23% (1 Month), +0.23% (3 Month), +3.51% (6 Month), +2.16% (1 Year)
*How to use these numbers: If on June 1, 2019 the value of a condo in Toronto was $600,000, it would be worth $603,900 on June 30, 2019 based on the Toronto home price index (HPI). That $600,000 condo appreciated $3,900 in June or $130 per day.
Prepared by Michael De Luca, Real Estate Sales Representative at Private Service Realty (PSR), Brokerage