June 2018 GTA Market Update

18 July 2018
Life and the City

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Last month in June, the Toronto real estate market saw a 4.9% increase in the average sale price year-over-year. Meanwhile, there was a 1.3% decrease in the number of sales, which is typical for this time of year.

Looking at the GTA market as a whole, there were a number of interesting stats that emerged last month. Have a look at our summary below to learn more.

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Significant real estate milestones and notable stats for the June 2018 GTA real estate market: 

  • Lowest June sales since 2003 (8,082)
  • The ratio of sales-to-listings increased fractionally to 37.4% in June – Now in a moderate seller market territory
  • The average sale price came in at $807,871– which was up 2% compared to June 2017 – Remember last year the new Ontario government rules came into effect on April 20th which really influenced the May/June markets last year
  • Note that this average was still 8.2% higher than 2 years ago in June 2016
  • Overall sales in the month were up 2.4% from one year ago
  • The GTA real estate market overall averaged the days-on-market at 21 – a more normal level for this time of year
  • Detached home sales in June 2018 with a purchase price over $2,000,000 were down 60% from last year
  • Again, it’s becoming clear that first-time buyer aspirations are now shifting to a condominium lifestyle – CONDO sales took a ‘2nd highest ever’ for June 35.4% of the total market 
  • Downtown condo active listing numbers were lower in C01 (by 23.7%) and lower in C08 (by 21.9%) from last year at this time
  • The downtown condo days-on-market average was 14-15 days – significantly faster than the overall market 
  • The ratio of sales-to-listings for condos downtown ranged between 76% in C01 to 80% in C08 indicating an extremely strong seller’s market… more than double the GTA overall.
  • The average sale price for downtown condominium suites is up by roughly $70,000 from June 2017
  • Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 10-13% year-over-year
  • Markets in York Region and other 905 neighbourhoods have suffered the most from the market slowdown – York Region is now showing that they’re in ‘buyer market’ territory
  • As inventory increases through the summer months, buyers should watch for more opportunities to get the condo or house of their dreams.

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Watch the video below for an analysis of the Toronto and the GTA real estate markets in June:

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Questions about the market, or want to know the current market value of your home, or what properties have been selling for recently in your neighbourhood? 

We'd be happy to help. Get in touch with us!