Sold: 1048 Broadview #2108

According to the calendar… this year is almost over. According to November’s market numbers, the craziness continues!
The Toronto Real Estate Market saw a drop in new listings, active listings and overall sales. It also took about 4 days longer (28 versus 24 days) for homes to sell in the city. But between a mid-month lockdown and the seasonality of the year – this didn’t really come as a big surprise.
The average price of a home in the city increased by 13% when compared to the same time last year, bringing us to an average price of $955,615. And for those keeping score… that’s a $116,000 increase since January of this year (not bad during a pandemic).
Every segment of the market saw a drop in sales for November. The detached market had the biggest decline with a 24% drop month over month. However on an annual basis, both detached and semi-detached saw great gains with an 18% and 36% increase for each. Price increases were also the strongest for these two segments up over 8.5% for each.
2020 was definitely NOT the year of the condo! In November, sales were down by more than 4% month over month – and nearly unchanged year over year. Prices followed the same trend – down by 4% month over month and nearly 3% year over year (nearly $20,000 less than the same time last year).
… but it is in the condo market that we see the biggest opportunity. With prices down and supply up, buyers, especially in the downtown core, these next few months offer one of the greatest times to get into the market. A quick MLS search for 1 bedroom condos south of Bloor brought up nearly 150 listings – this time last year, that was practically unheard of!
DETACHED HOUSES
993 sales took place
295 fewer homes than the previous month (24% decrease in sales)
145 more homes than the previous year (18% increase in sales)
The average price of a detached home was $1,477,226
An increase of $6,369 compared to the previous month (0.4% increase in price)
An increase of $116,980 compared to last year (8.6% increase in price)
SEMI-DETACHED HOUSES
336 sales took place
80 fewer homes than the previous month (19% decrease in sales)
89 more than the last year (36% increase in sales)
The average price was $1,160,911
An increase of $6,824 compared to the previous month (.59% increase in price)
An increase of $93,884 compared to last year (8.8% increase in price)
TOWNHOUSES
362 sales took place
47 fewer homes than the previous month (11.5% decrease in sales)
68 more homes than the previous year (23.13% increase in sales)
The average price was $819,752
A decrease of $8,338 compared to the previous month (1% decrease in price)
An increase of $56,454 compared to the previous year (7.4% increase in price)
CONDOS
1,375 sales took place
63 fewer condos than the previous month 4.4% decrease in sales)
7 more condos than the previous year (.5% increase in sales)
The average price was $640,208
A decrease of $27,953 compared to the previous month (4.2% decrease in price)
A decrease of $19,647 compared to the previous year (3% decrease in price)
May traditionally marks the busiest month for real estate in Toronto… this year – not so much. Self-isolation, social distancing, and the overall uncertainty of the future reduced much of the activity we typically see in May. However, activity did start to pick up towards the end of the month!
April marked the first month of full lockdown, and really set the benchmark for comparison purposes. It’s important to distinguish market activity with pre and post COVID-19 numbers to get an accurate pulse of where the market is heading.
In May – sales, listings, active listings and prices posted much higher numbers than in April. Sales and new listings doubled (over 50%), month over month, and the average price increased to $863,000 (an increase of more than 5%). Speaking from my own experience, I also witnessed a huge uptick in emails, calls and showings on my listings.
Because context is important, now more than ever, it has to be said that May typically records the highest numbers of the year… but not so in 2020.
On a year-over-year (YOY) basis: sales were down by over 75% and new listings by 54%. We also saw a 68% increase in days properties sat on the market – a clear indication of a much cooler May. Prices did see a small gain of nearly 3% compared to May 2019, but still much less than the double-digit appreciation we saw in Q1 (January, February and March) of this year!
- 432 sales took place during the month of May
- 119 more homes than the previous month (38% increase in sales)
- 748 fewer homes than the previous year (63% decline in sales)
- The average price of a detached home was $1,422,273
- Up $172,543 compared to the previous month (13% increase in price)
- Up $37,280 compared to the previous year (2.7% increase in price)
- 164 sales took place during the month of May
- 38 more homes than the previous month (30% increase in sales)
- 244 fewer homes than the previous year (59% decline in sales)
- The average price of a Semi-Detached home was $1,143,322
- Up $46,000 compared to the previous month (4% increase in price)
- Up $92,790 compared to the previous year (8% increase)
- 164 sales took place during the month of May
- 56 more homes than the previous month (51% increase in sales)
- 202 fewer homes than the previous year (55% decline in sales)
- The average price of a Town House was $794,626
- Up $9,727 compared to the previous month (1% increase in price)
- Down $1,463 compared to the previous year (0.18% decrease in price)
- 727 sales took place during the month of May
- 245 more sales than the previous month (50% increase in sales)
- 1,102 fewer condos than the previous year (58% decline in sales)
- The average price of a Condo was $674,028
- Up $61,728 compared to the previous month (10% increase in price)
- Up $31,137 compared to the previous year (4% increase in price)