June 2021 Toronto Real Estate Market Report
New listings are down about 13% month over month and flat when compared to last year, which means inventory is still a problem. The Days on Market (DOM) is still an incredibly low 13 days, and the average selling price is up 17% over a year ago.
In the City of Toronto, the average selling price came in 6% higher at $1,079,749, about 3% less than last month.
It is also worth noting that the higher end of the market ($2,000,000+) remains robust with a 92% increase in units sold over last year. The decrease of 12% over last month could be an expected seasonal dip.
In June, condominium apartment unit sales were up marginally at 1% over last month, and the average selling price remained unchanged. Condominium prices are up 7% compared to a year ago.
Even though June 2021 prices increased 17% over June 2020, prices are still lagging the records set for prices and activity this past March. A year ago, we were still experiencing lows following the initial Covid shock, so the significant year-over-year increase should be viewed in that light. There has been a softening of prices in the last month or so and anecdotal reports of fewer multiple offers. This lull could be a buying opportunity, e.g. for shoppers who have experienced “buyer’s fatigue” after losing in multiple offers. If so, it might also be a short-term opportunity with the possibility of population growth based on immigration likely months away. The number of new listings and properties sold are both essentially flat when compared to a year ago. This could be a traditional summer seasonal lull. A bright spot is sales over $2 million. Sales in that category have almost doubled in the last year.
Written by Chip Barkel, Sales Representative, eXp Realty. Extraordinary Service. Top Results.