Toronto is Canada’s largest city and a world leader in such areas as business, finance, technology, entertainment, and culture. Its large population of immigrants from all over the globe has also made Toronto one of the most multicultural cities in the world.
The city features an extensive system of underground tunnels and concourses lined with shops, restaurants, and theatres. Through the construction of new housing and mixed-use projects, together with the restoration and rehabilitation of heritage buildings, an extraordinary vitality has been brought to the urban core.
Toronto ranked 7th (tied with Tokyo) of 140 cities in the 2018 Economist’s Livability Survey and 13th (tied with Boston) of 101 cities for best university cities for international students (2019).
May 2020 Summary
The Toronto Regional Real Estate Board reported the following for the GTA for the month of May 2020:
- The AVERAGE SALE PRICE in May 2020 was up by 3% year over year
- The NUMBER of SALES was down by 53.7% compared to May 2019
- The NUMBER of NEW LISTINGS was also down 53.1%
These numbers include ALL of the GTA and ALL housing types (detached, semi, town, condo apt, condo town). As expected, the number of sales AND the number of new listings were down across the Greater Toronto Area (GTA). All things being equal, the inventory of homes for sale is very low, so demand still far exceeds supply in most markets. This means that home prices will continue to trend upwards so long as conditions remain the same.
To help decipher the data in the adjacent table, when the Sales to New Listings Ratio (SNLR) is:
- 55% or more = SELLER’S MARKET = more buyers than properties for sale
- Between 36% and 54% = BALANCED MARKET = about the same number of properties for sale as there are buyers
- 35% or less = BUYER’S MARKET = more properties for sale than there are buyers
|Average Sale Price||$2,285,310||$2,135,223||7.0%|
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