June Market Analysis

By: Marilyn Palmer

June Market Analysis

Tags: toronto, mississauga, burlington, oakville, detached, condominium, sales, buyers, house prices, GTHA

 

With all regions in Ontario now in  Stage 2, the pent-up demand  for home ownership is starting to show within regions of the GTHA.  As soon as Halton Region opened, sales increased and some home sellers experience multiple-offer situations.  Here are your June market results:

BURLINGTON RESULTS

Burlington saw an increase of 7% in both sales and  listings when compared to June 2019.  The average days on the market fell by 6.7% as demand vs supply is still the story.  The average selling price for the Burlington market was up by 12% to $872,398.

RAHB President Kathy Della-Nebbia was quoted as saying, "With the reopening of the province, and the increased  confidence in both the econommy and the health of our communities, we are seeing higher activity in both sales and new kistings thgroughte the RAHB market.  However, we are cautious that any relapse or a second wave of COVID-19 could slow activity and affect the average selling price."  For your full June Market Results please click here.

GREATER TORONTO AREA MARKET RESULTS

Greator Toronto Area Realtors® reported 8.702 sales through TRREB's MLS® system in June.  This result represented a very substantial increase over the May 2020 sales result, both on an actual  (+89%) and seasonally adjusted (+84%) and was only down by 1.4% compared to June 2019.

Year-over-year growth in sales was reported in some areas and market segmebts - especially notable were Detached and Twonhouse market segments.  New listings were up slightly on a year-over-year basis by 2.1%.  However, active listings at the end of June were down by 28.8% compared to June 2019.  Growth in new listings will need to outstrip growth in sales for a number of months before active istings approach last year's levels.

Average and benchmark selling prices were up year-over-year for all major home types by 11.9% and 8.2% respectively.  The strongest average annual rates of price growth were experienced in the Detached and Semi-detached market segments in the City of Toronto at 14.3% and 22% respectively.

TRREB President Lisa Patel was quoted as saying, "Following the broader movement to reopen the economy in June, we experienced a very positive result in terms of home sales and selling prices.  Before the onset of COVID-19, there was a great deal of pent-up demand in the market,  This pent-up demand arguably increased further over the past 3 months.  We are still in the early days of recovery, but barring any setbacks, we should continue to see sgtronger market conditions in the second half of 2020 as households look to satisfy their ownership housing neeeds."
 

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