Realty Executives Plus Ltd.
DRE# 4738450 (416) 930-4445
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In June, we saw business and social activities open up, to varying degrees, across the province of Ontario. The real estate market did much the same, rebounding from May's low transaction volume brought about by the forced restrictions of the pandemic.
Let's take a look at how the June market performed.
In May, I reported a COVID-driven 53.7% decline in residential transactions compared to last year and observers were reporting a balanced market. However, there was a 3% increase in prices and I witnessed multiple offers for semi's and detached properties and entry level condos, suggesting for central Toronto, a seller's market.
That trend was evident with this week's Toronto Real Estate Board report showing a bounce back in transactions, with June's total sales only coming in 1.4% behind June of last year. Prices increased 11.9% from June 2019 and 9.8% from last month, moving the average price from $831,882 to $930,869.
Looking ahead, for July at least, I expect to see the sellers market continue in Central Toronto. The market for the rest of 2020 and beyond will be dependent on how we manage the pandemic and thus how much the economy recovers. Therefore, navigating real estate markets will require agility and timely monitoring of the data and shifting trends.