Sold: 1048 Broadview #2108

So much for a Summer slowdown!
Sales in the city were red hot in July – with a record-setting 11,000 + sales recorded for the month. We haven’t seen that much activity since April 2017. The average price of real estate in the city followed a similar trend hitting a new high (second month in a row) of $943,000. This represents an increase of nearly 17% compared to the same time last year… in a pandemic (crazy, I know).
You can thank the detached housing market for the increase in prices and sales – with a 2020 high of $1,540,000 up 1.3% from June and a whopping 25% from July 2019!
The price of semi-detached homes came down from last month’s high $1,287,000 to $1,181,000 – still up an impressive 20% from last year’s average of $981,000.
Condominium apartments had a lot more activity in July, with a 31% spike in activity than June. However, the increase in activity didn’t translate into much of a price jump, with average prices up only 1.5% compared to the previous month. Year over year, condos saw an 8.7%, which may sound good on its own – but was significantly less than the double-digit appreciation semis and detached houses recorded.
Demand for low rises (detached and semis) seems to be the trend during COVID. We suspect lower interest rates and backyards being the most significant driver to those looking to make a move.
1,102 sales took place
208 more homes than the previous month (23% increase in sales)
236 more homes than the last year (27% increase in sales)
The average price of a detached home was $1,541,000
An increase of $17,000 compared to the previous month (1% increase in price)
An increase of $314,000 compared to last year (25% increase in price)
372 sales took place
109 more homes than the previous month (44% increase in sales)
96 more than the last year (34% increase in sales)
The average price was $1,181,000
A decrease of $106,000 compared to the previous month (8% decrease in price)
An increase of $199,000 compared to last year (20% increase in price)
393 sales took place
29 more homes than the previous month (8% increase in sales)
65 more homes than the previous year (20% increase in sales)
The average price was $852,000
A decrease of $3,000 compared to the previous month (.3% decrease in price)
An increase of $96,000 compared to the previous year (12% increase in price)
1,689 sales took place
402 more condos than the previous month (31% increase in sales)
72 more condos than the previous year (4% increase in sales)
The average price was $682,999
An increase of $10,500 compared to the previous month (1.6% increase in price)
An increase of $55,000 compared to the previous year (8.8% increase in price)
I think the crystal ball is broken!?!
At the beginning of 2020, all predictions pointed towards a record-setting year. Then COVID happened, and opinions reversed. The lockdowns in April severely skewed the numbers and it wasn’t until the middle of May that we started to see a return to (a new) normal.
June took that momentum and shattered several records for the month! We recorded a historic high for average prices in the city at $930,000 – beating the 2017 record of $920,000. We also saw sales double in June (compared to the month prior) and on average saw properties sell 18% quicker than last month.
The highs continued for the Detached, Semi-Detached and Townhome markets, all recording record-breaking prices for the month. Semi’s and Townhomes hit all-time highs of $1,287,832 and $855,399 respectively. In the detached market, we hit a new year high, and return to 2017 prices with an average price of $1,523,770.
Condos didn’t fare as well as the other housing segments. We did see a 77% increase in sales for condos in June, but the average price was nearly identical to May with an average price of $672,000 – which takes us back to the numbers we were seeing at the start of the year.
It’s important to remember, we’re still very much in the midst of a global pandemic. One promising month in June does mean the worse is behind us. I think a lot of the growth we saw last month can be attributed to the lack of activity we saw in months prior. I’m most curious to see what the employment landscape looks like in the Fall, and how business can adapt in months ahead.
- 894 sales took place
- 462 more homes than the previous month (107% increase in sales)
- 101 fewer homes than the previous year (10% decline in sales)
- The average price of a detached home was $1,523,770
- An increase of $101,497 compared to the previous month (7% increase in price)
- An increase of $191,131 compared to the previous year (14% increase in price)
- 263 sales took place
- 99 more homes than the previous month (60% increase in sales)
- 70 fewer homes than the previous year (21% decline in sales)
- The average price was $1,287,832
- An increase of $144,510 compared to the previous month (12% increase in price)
- An increase of $232,409 compared to the previous year (22% increase in price)
- 364 sales took place
- 200 more homes than the previous month (121% increase in sales)
- 8 more homes than the previous year (2% increase in sales)
- The average price was $855,339
- An increase of $60,713 compared to the previous month (7% increase in price)
- An increase of $45,300 compared to the previous year (5% increase in price)
- 1,287 sales took place
- 560 more condos than the previous month (77% increase in sales)
- 210 fewer condos than the previous year (14% decline in sales)
- The average price was $672,465
- A decrease of $1,563 compared to the previous month (.23% decrease in price)
- An increase of $35,859 compared to the previous year (5% increase 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)