Market conditions in the Greater Toronto Area (GTA) continued to improve in the month of June as pent-up demand returned to the market. The number of sales was down by only 1.4% on a year-over-year basis, but up a whopping 84% compared to May 2020. Average selling prices were up 11.9% on a year-over-year basis and up 9.8% compared to May 2020.
As always, if you are thinking about buying, selling, or investing in real estate at this time you should seek the professional advice of a REALTOR®️. Please feel free to contact me by email or at 416-453-7143 for advice on navigating the current market.
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, 2020.
The figures cited in this note are an average. Please contact me 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: -1.65% (1 Month), -0.69% (3 Month), +3.83% (6 Month), +5.88% (1 Year)
Mississauga: -1.08% (1 Month), -1.58% (3 Month), +5.03% (6 Month), +6.34% (1 Year)
Brampton: -0.95% (1 Month), -2.09% (3 Month), +4.79% (6 Month), +8.22% (1 Year)
Vaughan: -2.46% (1 Month), -1.57% (3 Month), +3.75% (6 Month), +5.06% (1 Year)
Richmond Hill: -0.74% (1 Month), +2.71% (3 Month), +6.97% (6 Month), +7.83% (1 Year)
Markham: -0.86% (1 Month), +1.74% (3 Month), +6.30% (6 Month), +7.30% (1 Year)
Condominium Apartment Home Price Index
Toronto: -1.79% (1 Month), -1.15% (3 Month), +5.01% (6 Month), +8.67% (1 Year)
Mississauga: -2.26% (1 Month), -0.39% (3 Month), +5.97% (6 Month), +12.57% (1 Year)
Brampton: -5.25% (1 Month), -0.88% (3 Month), +4.65% (6 Month), +12.79% (1 Year)
Vaughan: -1.63% (1 Month), -0.64% (3 Month), +5.85% (6 Month), +8.16% (1 Year)
Richmond Hill: -0.39% (1 Month), +1.95% (3 Month), +8.17% (6 Month), +10.83% (1 Year)
Markham: -0.61% (1 Month), +1.01% (3 Month), +9.02% (6 Month), +14.12% (1 Year)
*How to use these numbers: If on June 1, 2020 the value of a detached home in Toronto was $1,000,000, it would be worth $982,100 on June 30, 2020 based on the Toronto home price index (HPI). That $1,000,000 home depreciated $17,900 in June or $596.67 per day.
Prepared by Michael De Luca, Real Estate Sales Representative at Private Service Realty (PSR), Brokerage
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