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Toronto Real Estate Market Update – May 2020

Jun 6 | Posted By

Good morning and welcome to Danielle in the City. I’m Danielle Demerino and I wanted to check in because the Toronto Real Estate Board put out their monthly stats for May, 2020 and I wanted to recap so everyone understood what’s going on in the market right now. A lot of people have been touching base with me asking if it’s a good time to buy now (when I told the two months ago that it was a really good time to buy), so that being said, here it is!

VOLUME: 

Volume was up 50% in May over April and prices were up 3%. Now we are still down 60% in volume from 2019, but we can see that the trend is upward. Let’s break it down by Condos and Single Family Residential Homes, starting with Condos.

CONDOS:

Condos have really taken a tumble volume wise and transaction wise but inventory is up and sales are actually up 5% year over year. The average price of a condo in the city of Toronto is $675,000 right now. Up from $643,000 a year prior.

SINGLE FAMILY HOMES:

Single family homes, meaning semis, detached and town houses are up 8.8% year over year and let me tell you, two nights ago I went into an offer presentation yesterday where a house sold for $400,000 over asking and yesterday there were 37 offers on a house down town.

To sum it up, the market is recovering. They sky was never going to fall. Our market seems to be protected from what’s happening in the global markets. I think it’s a great time to list your property if you were thinking about doing it this year, jump on the train. There’s not enough inventory for houses and if you are a buyer, hang in there, get a great agent and keep this train moving.

Thanks so much and have a great day!

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