Bosley Real Estate Market Insight - July 10th, 2020 - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale

Bosley Real Estate Market Insight - July 10th, 2020

10 July 2020
Bosley Real Estate

Toronto home sales rebounded in June, with the average selling price up 12% from the same month last year to $1,022,138. (first time we have surpassed $1 million) For the GTA region the average price of a home hit $930,869 also up 12%. Competition is heating up again with multiple offers and bids well over asking prices. Home buyers were forced to put their purchases on hold when the pandemic hit in March. Now that Ontario and Toronto are easing restrictions, buyers have started to pounce. The GTA saw 8,701 homes sold in June, up 84% compared to May and signals suggest that some of that momentum is continuing into July.

In the surrounding suburbs and nearby cities, prices also surged, in part because of demand from Torontonians looking for more space.The strongest price growth for the city of Toronto were the semi-detached homes up 22% from a year ago to an average of $1,287,832 and detached homes up 14.3% to an average of $1,523,770. The condo market also saw a price growth of 5.6% in Toronto, where the average price is now $672,000.

How long will this “catch-up phase” last? Some economists predict this frenzied pace will not last. CHMC said it is too soon to revise its forecast and pointed to a number of risks that could hamper the housing market, including sustained job losses, a slow recovery and a second outbreak of COVID-19 cases leading to another lockdown. The agency had also forecasted a decline in home prices of up to 18 per cent for this year although so far that is not bearing out, with the Toronto region’s housing market on fire. We are still in the early days of recovery, but a gradually improving labour market – (Statistics Canada today posted the economy added nearly one million jobs in June ) and historically low mortgage rates are expected to support a recovery in the second half of 2020, barring any setbacks.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Port Hope and Cambridge Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.

Here Are The Top Five Trending Stories Of The Week:

 Toronto House Prices Are Way Up Compared To Last Year

”The Toronto Regional Real Estate Board says the number of homes sold in the region in June was just shy of the mark set a year ago as the average selling price rose nearly 12 per cent compared with June 2019.”

B.C. Real Estate Association releases new rules for open houses

“It’s been a long tradition in the real estate industry: Showcasing a home for sale via an open house, where anyone could just walk in.”

Vancouver Real Estate Sales Are Back, But Prices Still Falling From Peak

“Greater Vancouver real estate sales are returning to pre-pandemic levels, but it’s not quite the same. Real Estate Board of Greater Vancouver (REBGV) data shows June sales are almost at last year’s levels. Despite the increase, new listings are hitting the market at such a rapid pace, prices are actually falling further from the peak.”

No exodus from Hong Kong yet, but interest growing in pre-sale property units in Canada

“Ashley Lum sighs impatiently when asked why, despite the looming threat of greater Chinese control over Hong Kong, she’s choosing to remain in the city-state for the foreseeable future.”

U.S. Market Enjoys Record 44 Percent Spike in Pending Home Sales

“According to the National Association of Realtors, U.S. pending home sales mounted a record comeback in May 2020, seeing encouraging contract activity after two previous months of declines brought on by the coronavirus pandemic. Every major region recorded an increase in month-over-month pending home sales transactions, while the South also experienced a year-over-year increase in pending transactions.”