Greater Toronto Real Estate Market Report: RE/MAX Canada
RE / MAX Hot Pocket Communities report shows double-digit price increases in 55% of Greater Toronto’s real estate markets
The spring crisis will lead to a sharp rise in prices for single-family homes across the board in the first half of 2020
The values for single-family homes showed remarkable resilience in the first half of 2020. According to a report released today by RE / MAX of Ontario-Atlantic, Canada, 95 percent of the Toronto metropolitan area’s property districts saw solid price increases.
The RE / MAX 2020 Hot Pocket Communities report examined trends and developments in 65 districts on the Toronto Regional Real Estate Board (TRREB) and found that a sharp drop in the number of properties for sale during Ontario’s state of emergency resulted in a significant increase the single contributed -resolved housing values. Active listings in the greater Toronto real estate markets were 14,000 in June, the lowest since 2016 when active listings bottomed at 12,327. The average price rose in 95% of the areas between January and June 2020 compared to the same period in 2019. Double-digit increases were reported in 60% of 416 districts and in 50% of 905 districts.
“The strong demand marked much of the first quarter of 2020 and set the stage for a record-breaking spring market in the greater Toronto area – and then came Covid-19,” said Christopher Alexander, executive vice president and regional director of RE / MAX of Ontario-Atlantic Canada. “In the past downturns, a drop in sales was usually followed by a significant increase in the number of properties for sale. That did not happen in this case when buyers and sellers paused in April and then cautiously resumed home buying activity as COVID-19 cases receded and the local economy reopened. With the restrictions easing and the province moving into the third and perhaps final phase, we anticipate that the property market is likely to accelerate. “
The spring market that emerged in June is expected to remain robust over the summer months as pent-up demand, low interest rates and limited market drivers for inventory levels make the headlines. “Almost every living category in the GTA, from the starter house to the luxury market, will be affected by the pent-up demand in the coming months,” explains Alexander. “Historically low interest rates – with a five-year closing rate of only two percent – will also provide impetus for the foreseeable future.”
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Location will be the primary focus for most home buyers, as this year’s top 5 markets show (two in second place). Of the 65 real estate districts in the greater Toronto area examined in the report, RE / MAX found that the largest increases in average price were in areas very close to central Toronto. Leading in percentage percentage increase in the average price of a single-family home in the first half of 2020 Yonge-St. Clair, Annex, Casa Loma and Wychwood (C02)where values cReduced 25.7% to $ 2,918,968. Move-up buyers were particularly active in this area as there was a shortage of houses for sale, particularly in the appendix. In June there was 28 active entries, and 17 average market daysand the ratio of sale to list was 98%.
With an increase of 18.4% In terms of the average price, two lakeside markets in the east and west of the city took second place in terms of price increases. Swansea, Roncesvalles, South Parkdale and High Park (W01) saw freestanding housing values rise $ 2,050,596while Oakridge, Birchcliffe-Cliffside (E06) Exceeded $ 1 million and settled in at $ 1,095,287. Young families were a major driver in both areas. Affordability and proximity to the beach community drew shoppers to Oakridge, Birchcliffe-Cliffside and proximity to the city center and the West End coastline, while shoppers to High Park, Swansea, Roncesvalles and London attracted South Parkdale.
While C03 is at home Forest Hill South and some of the most expensive real estate in town, the area is also made up of inexpensive hot pockets like Oakwood-Vaughan and Humewood. The average price for a single family house in C03 is Up 17.7% to $ 2,371,546Though a small bungalow can be bought for just over $ 1 million in the above neighborhoods. The same applies to W08, the home of Tony Kingsway South, but also offers single-family homes from just under 1 million US dollars in districts such as The West Mall. Average price in W08 was plus 17% in the first half compared to the same period last year $ 1,693,382. Alderwood, Long Branch, New Toronto and Mimico in W06 have also been on an upward trend lately with the average price of a single family home 16.2% increase to $ 1,202,176.
While single-family home sales overall were down, RE / MAX found several suburban / rural districts bucking the trend and showing signs of growth. Most were in the more suburban / rural areas of the greater Toronto area, where the dollar continued to expand and there were plenty of offers. In terms of the percentage increase in single-family home sales, that was king Area in the York area where 161 detached properties changed hands, up from 117 the previous year, representing a Volume upswing of 37.6%. In June there were almost 200 active offers for sale, the average market days were 44, while the The price-performance ratio was 93%.
Bridleway, Sunnybrook, York Mills, St. Andrew and Windfields (C12), the only district to see an increase in sales in 416, ranked second in sales. The area, the most expensive in the GTA, experienced one 20.6% Sales increase between January and June 2020, with the number of single-family homes sold increasing from 63 in the same period in 2019 to 76. The time to market was 19, with a Value for money of 94%. Almost 100 homes were put up for sale in June.
Affordability was the common denominator in third, fourth, and fifth, all with an average price of between $ 600,000 and $ 650,000. Simcoe County Innisfil recorded strong gains and took third place with a 14.4% more The number of sales in the region increased from 340 in 2019 to 389. The time to market was 35, The price-performance ratio was 99%More than 220 active offers were available in June. fourth place OshawaThe Durham area continued to be a hot spot for sales this year, with more than 1,053 single-family homes sold 10.8% more over 2019. Single family homes are moving fast, with average market days at 16 that The price-performance ratio is 101%and 200 active listings on sale in June. The top 5 were rounded off by Georgina In the York area, 373 single-family homes were sold in the first six months of the year 9.1% reported about the 342 sales in the same period last year.
“While the strength of the market is underlined by the recovery in economic fundamentals, it is clear that we are not out of the woods in the face of global developments,” explains Alexander. “Even so, the way the government has dealt with Covid-19 has been exemplary and while there may have been some missteps along the way, we have all benefited from the leadership at all three levels. I am confident that, with their continued guidance and guidance, we will be able to tackle all the stormy waters ahead of us and that bodes well for the economy and the real estate market as a whole. “