Toronto’s detached real estate is showing signs of improvement, but it’s far from a recovery. Toronto Real Estate Board (TREB) numbers show prices are down by tens of thousands of dollars in June. The lower prices did provide a little motivation for buyers, sending sales up from last year. Don’t get too excited though, it was still the second worst June in at least 7 years for detached sales.
The Price Of Detached Real Estate Is Down Over 9%
The price of a detached home across Toronto is down a lot from last year. TREB reported a benchmark price of $931,600 in June, a 9.3% decline from last year. The City of Toronto reported a detached benchmark of $1,119,400, a 7.14% decline from last year. There is some minor bull fodder in these numbers, which is the size of the declines have gotten smaller.
The Median Sales Price Of Detached Real Estate Is Down Over 2%
Not a fan of CREA’s benchmark price? The median sale price is also showing declines for detached homes. TREB reported a median detached sale price of $857,000, a 2.16% decline. The City of Toronto saw a median detached sale price of $1,035,000, a 4.63% decline. Remember, a median sale price won’t account for a change in quality or size, like the benchmark. It is helpful for tracking dollar flow direction.
The Average Sales Price Of A Detached Home Is Down Almost 2%
The average sale price of a detached home made small declines compared to last year. TREB had an average sale price of $1,033,574 in June, a 1.9% decline. The City of Toronto’s average detached price fell to $1,354,429, a 2.4% decline from last year. Average sale prices aren’t great for determining how much you would pay. Once again, only amateurs use this number for figuring out a home price. It’s actually a better indicator of upgrade flow.
Greater Toronto Detached Sales Are Up Over 4%
Detached home sales picked up, finally showing positive growth. There were 3,589 detached sales in June, an increase of 4.02% from last year. The City of Toronto represented 885 of those sales, representing a 4.36% increase from last year. The good news? This is the first year-over-year increase for detached sales in 14 months. The bad news? We’re comparing it to the worst June in seven years, so it’s a sandbagged number to beat. In case you’re wondering this June (2018) was the second worst June for detached sales in at least seven years.
Greater Toronto Detached Inventory Rises 11%
The number of new detached listings dropped considerably. There were 8,417 new detached listings across TREB, a decline of 17.98%. The City of Toronto represented 1,793 of those new listings, down 14.45% from last year. The huge drop in new listings wasn’t quite enough to bring down inventory.
Active detached listings, the total available for sale, is slightly higher than the same time last year. TREB has 12,486 active listings at the end of June, an 11.06% increase. The City represented 2,260 of those active listings, up 2.91% from last year. Inventory is seeing significant growth in the suburbs, compared to the city.
June wasn’t a great month for detached sales, with prices continuing to decline. The price of a typical detached home is down at least $85,000 from last year, which is a hard pill to swallow. More people did take advantage of the declines, sending sales higher than last year. Though the market still printed the second worst June in at least 7 years. We’ve been hearing the word “recovered” being thrown around, but that’s a generous use of the word.