According to the June TRREB Market Report,
The Toronto Region housing market recovered considerably in June following a significant slowdown due to COVID-19. As cases started to decline across the province and the economy began to open up, more buyers and sellers jumped off the sidelines and returned to the market, kickstarting sales recovery. Similarly, average home prices continued on a steady upward trajectory, lapping February 2020 levels. This is significant as February was the last full month before COVID-19 health and safety measures were introduced.
The latest data shows there were 8,701 home sales across the Toronto Region in June – representing a striking 89% increase since May. The average sold home price was $930,869, an 8% annual increase.
One-bedroom condo Apartment prices are currently quite flat week to week. Prices are more reflective of the beginning of the year (e.g. Jan 2020). There is just enough demand for condo apartments to match the current supply. We expect low interest rates to continue to provide buyers with confidence in making purchases at these price points. The properties (condo or freehold) with mortgage deferrals have not likely affected the market yet and they remain an unknown factor as we move through the rest of this year.
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June 2020 vs. June 2019
June 2020 vs. May 2020