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#VerityUpdates – March 2020 Toronto Real Estate Market Update

#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.

 

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Brandon Ware

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