As we turn to active listings, we need to be clear about what that means. The number used for active listings is the number of actual, currently for sale properties at the end of the month. This number is therefore comprised of the older listings already on the market at the start of the month, plus any new listings that didn’t sell in the month, less any older or new listings that did sell before the end of the month.
June saw the number of active listings increase somewhat to 6,291 options for buyers.
What does this predict?
June 2022 was the sixth month in a row that the number of active listings in Toronto increased and we’re now at just under 6,300 active listings on the market. To put that in perspective, we had a two-year low of active listings in December 2021 of just 1,800 or so properties. We went up to 1,900 in January 2022 and every month that has passed, we’ve added about 1,000 units each month. That’s on top of the 1,000 additional units the month before and before and so forth. This is the first month in a while that we saw a relatively modest increase (319 listings) in the number of new listings hitting the market, but the high level of options for buyers definitely predicts prices will rise in July.
How will the condo market do?
The condo market followed the market as a whole, but with slightly less consistent numbers. From our two year low of 1,100 condo units for sale in January 2022, we went up to 1,500 in February, then 2,000 in March, then 2,600 in April, then 3,300 in May and now we’re almost at 3,600 condo units on the market. That’s more than triple the level of active inventory of condo units in just six months. It certainly indicates we will see the average price drop in the condo market in July , though that may be mitigated slightly by already having had three consecutive price drops in the past three months.