Jennifer English

FEBRUARY 2020 MARKET UPDATE

09 March 2020
Jennifer English

To say the Toronto real estate market is "on fire" may, in fact, be an understatement!

While a hectic schedule prevented me from getting January's market update on the blog, I can tell you the short version here before getting into the detailed February Market Update.

January 2020 month's of inventory dropped significantly year-over-year, almost as low as the number of active listings back in January/February 2017, before the Government introduced The Fair Housing Plan in the second quarter of that year. Combine this with incredible buyer demand, it was no small wonder prices skyrocketed, as did the number of sales.

First Up

Average Sale Price for ALL Property Types and BY Property Type in the City of Toronto

February has picked up right where January left off with the average sale price for ALL property types up 21.7% to $989,218. Looking at the three main property types I analyze, detached homes went up 14.4% to $1,485,304, semi-detached up 10.6% to $1,208,073, and condo apartments up a whopping 18% to $722,675. Fun fact, I took a look at the averages from January 2020 to February 2020 ... in detached homes there was an 8.7% increase, semi's a 20.3% rise, and condo apartments climbed 6.4%. That's in ONE month!

What else do the numbers reveal?

From Number of Sales to Number of Active Listings, the Sale Price to List Price Percentage and Days on Market ... here's some more note-worthy information for your February Year-Over-Year Toronto Real Estate Market

Buyer demand remained at a super high level through February with the number of sales for detached homes up 52%, semi-detached 3.4%, and condo apartments 25.5%. While the increase for semi's seems insignificant compared to the other two, imagine, in February there was only a total of 137 semi-detached homes on the market, for the whole of Toronto! There simply wasn't enough of that property type to allow for a greater percentage increase to it's number of sales.

Which leads me straight into the active listings ... detached down by 27.5% with a total of 1,088 properties on the market, condo apartments down 32% at 1,256 total number of active listings, and semi-detached were down by 29%.

The sale price to list price percentage shot up as well with detached hitting sold prices at 104% of list vs. 99% a year ago, semi-detached 111% vs. 106%, and condo apartments 103% vs. 99%. As for days on market, they're all down year-over-year which comes as no surprise given the majority of listings are coming to market with an offer night. The breakdown, detached at 18 days down from 25, semi-detached 10 compared to 15, and condo apartments at 17 vs. 22.

I attended the 13th Annual Post City Real Estate Roundtable at the end of February and it's clear, inventory remains a hot topic for the City of Toronto. Mix in the Bank of Canada recently dropping it's lending rate, it's like fuel being added to an already burning fire. And while Coronavirus is impacting financial markets around the world, so far, it's not having any impact on Toronto's real estate market. Conclusion, all indicators point to real estate prices continuing to escalate.

As you know, I'm here to help, call/text/email anytime! Whatever it is, myself and my referral network have you covered, for all your real estate needs!