Detached housing values have shown remarkable resilience in the first half of 2020, with 95 per cent of Greater Toronto real estate districts posting solid gains in average price, according to a report released today by RE/MAX of Ontario-Atlantic Canada.
The RE/MAX 2020 Hot Pocket Communities Report examined trends and developments in 65 Toronto Regional Real Estate Board (TRREB) districts, finding that a steep decline in the number of homes listed for sale during Ontario’s State of Emergency contributed to a notable uptick in single-detached housing values. Active listings across Greater Toronto real estate markets hovered at 14,000 in June, the lowest level for the month since 2016 when active listings bottomed-out at 12,327. Average price was up in 95% of areas between January and June 2020, compared to the same period in 2019. Double-digit increases were reported in 60% of 416 districts and in 50% of 905 districts.
“Strong demand characterized much of the first quarter of 2020, setting the stage for a record-breaking spring market in the Greater Toronto Area – and then came Covid-19,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “In past downturns, a drop in unit sales has usually been followed by a significant upswing in the number of homes listed for sale. That didn’t happen in this case as buyers and sellers paused in April, then cautiously resumed home-buying activity as COVID-19 cases dropped and local economies re-opened. With the easing of restrictions and the province moving into the third, and perhaps final phase, we anticipate that the housing market will likely accelerate.”
For the full report and to view all maps and charts continue to read on: RE/MAX.ca