Market Update: Toronto, ON
Looking at the latest luxury real estate market report for Toronto, ON, it is evident that July has seen an increase in numbers across the board since this time last year.
According to the latest statistics by the Toronto Regional Real Estate Board, there has been a definite increase in the average selling prices, number of transactions, and new listings on the market since July 2019. A strong “Seller’s market” is at play, with plenty of buyers and limited inventory.
While much of the world is adjusting to work within the confines of COVID-19, the summer real estate season is now in full swing throughout the Toronto area. So much so that total residential real estate transactions have risen by 29.5% compared to this time last year to 11,081 total, with an average of 25 days on the market.
The average selling price has also increased 16.9% from July 2019 to $943,710 this year. Seasonally, the average selling price had also rose by 5.5% over June 2020. Specifically, for detached single-family residences the average sale price is currently $1,541,003 – a 25.5% increase from last year, with 1,102 active listings.
A total of 17,956 listings were on the market in July 2020 compared to last years 14,403 listings. An astounding 24.7% increase from last year at this time.
“Sales activity was extremely strong for the first full month of summer. Normally we would see sales dip in July relative to June as more households take vacation, especially with children out of school. This year, however, was different with pent-up demand from COVID-19-related lull in April and May being satisfied in the summer, as economic recovery takes firmer hold, including the Stage 3 re-opening. In addition, fewer people are travelling, which has likely translated into more transactions and listings.” – Lisa Patel, 2020/2021 Toronto Regional Real Estate Board President.
Whether you’re buying or selling, the global marketplace for luxury real estate is always changing. We have analyzed the latest reports in luxury real estate to keep you up to date on current market trends in your area. This Luxury Market Update for Toronto, ON has been provided by Hazelton Real Estate, Janice Fox.