JUNE RESALE REAL ESTATE NUMBERS BODE WELL FOR NEW
Across Canada, the resale housing market blossomed in June according to the Canadian Real Estate Association (https://creastats.crea.ca/en-ca/). The slowdown caused by the pandemic is behind us. Greater Toronto Area sales alone for that month rose 83.8 per cent over those in May. In addition, the national average home price in June was approximately $539,000, which is 6.5 per cent over June 2019. In fact, prices were down only 0.5 per cent what they were in February of this year. Interestingly, Toronto saw substantial sales in the high-end market, as well as lower end.
TREB also reported that in June 2020, 1,287 condos were sold (http://trreb.ca/files/market-stats/market-watch/mw2006.pdf), which reinforces the demand for that type of housing. We expect to hear similar good news about new condo sales and prices in June, once statistics are published.
It is safe to say that the pandemic scare has created tremendous pent-up demand, and people are feeling more confident about buying and selling. Our industry did well throughout the past few months, and will do even better in the months to come!