#VerityUpdates – March 2020 Toronto Real Estate Market Update
The average home price across the GTA was $910,000. This represents a 16.7% increase in the average home price in comparison to February of 2019.
February 2020 in comparison to February 2019:
Sales were up 45.6%
New Listings increased 7.9%
Active Listings decreased by 33.6%
More sales and fewer listings means it’s a great time to sell.
Let’s chat downtown stats:
Average detached house price = $1,530,000
Average Semi-detached house price – $1,503,000
Average Condo price – $850,000
Are we approaching a balanced market in terms of inventory? In a balanced market we would have 4-5 months of inventory.
February 2020 Inventory levels in the downtown core of Toronto:
1.4 months of Detached home Months Of Inventory (MOI)
1.09 Months Of Inventory (MOI) of semi-detached inventory
1.1 Months Of Inventory (MOI) of condo inventory.
This is concerning and I share more commentary the dangers of the precedence we’re setting with these new prices, the potential impact of the coronavirus and more stats in our follow-up to this brief, comprehensive video analysis.