In another sign that the real estate market is continuing to heat up, it didn’t take long for Toronto home sales in June to surpass April’s record-low levels.
Of course, bragging about having a better month than April 2020 – the worst April in the 25 years of TRREB sales records – is dangerous territory. But doing so in fewer than 14 days seems like a good sign of things to come for a month and a city that find themselves still stuck in Stage 1 of an economic recovery attempting to rebound from the worst financial crisis since The Great Depression.
In other words, small victories are welcome.
The first 13 days of June already surpassed all of April’s MLS sales transaction totals (9% more in freeholds, 14% more in condos).
I’ve got freeholds as 79% of May volumes already, and condos at 71%. Both will still end up lower than 2019 volumes, but gaining ground each month.
— Scott Ingram CPA, CA (@areacode416) June 15, 2020
In June 2019, the City of Toronto saw 3,201 home sales. It is, as Scott Ingram points out above, unlikely that June 2020 will meet or surpass that number, but as long as the trajectory of sales continues to climb up from the basement it found itself in during April (Toronto home sales were down -67.8%) then that can be considered good news.
May already did its part, showing signs of a rebound with increases in both sales and listings, and now June looks like it’s intent on keeping the market’s rising return to pre-COVID times alive.
With sales traditionally slowing down through July and August, and Toronto real estate possibly enjoying a “delayed-spring” this year, it’s possible that summer 2020 could see the market’s return to historical precedence, albeit due to having had its worst spring on record.
Meanwhile, bidding wars, bully offers, and buyer and seller confidence have already returned to the market. Toronto’s a hot town, and it’s summer in the city – but don’t expect the real estate scene to get dirty and gritty.