The region recorded 8,701 sales in June, an 89 per cent increase from the number of transactions in May. Compared to June 2019, last month’s sales were a tad bit lower, suggesting the markets are still recovering from the sudden slowdown that accompanied the lockdown.
The increasing preference for low-rise housing is also reflected in the change in average housing prices. In the City of Toronto, detached housing prices in June increased by 14.3 per cent year over year compared to just 5.6 per cent for condominiums. Similarly, detached housing in the suburbs recorded a 10.8 per cent increase in average prices compared to seven per cent for condominiums.
A lack of supply is the primary driver behind the increase in housing sales during the pandemic. Buyers were out in full force, but many sellers remained on the sidelines. Active listings in June were down 28.8 per cent from the year before. New listings in June actually increased by 2.1 per cent from June 2019, but it will take a sustained increase in new listings for the number of active listings to match the increase in demand.
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