Sean MacKay

Despite this historic decline in sales activity, the condo resale market still managed a 5.1 percent price increase during the same period, bumping the average condo selling price across the GTA to $619,707.

But the challenges the market faced before the pandemic caused activity to grind to a halt haven’t gone away and will continue to weigh on the buyers and builders alike.

There were 1,160 new single-family homes sold in June, the best result for the month since 2016.

It remains to be seen, however, whether the strength displayed by the housing market in June is sustainable once the government assistance programs wind down.

All eyes should be on the second half of 2020 to determine the true fundamental health of the Toronto condo market.

When it comes to competition in the market, Toronto’s renters are finally getting some relief as the city’s vacancy rate within purpose-built apartments increased to 1.8 percent in the second quarter of 2020, the highest level in over five years.

The heavy toll the pandemic has taken on the economy and the uncertainty in the months and years to come require the Bank of Canada “to stay in repair mode for some time.”

The widely-watched Teranet-National Bank House Price Index rose 0.7 percent in June over the previous month, an increase that National Bank economist Marc Pinsonneault called the “lowest June advance in 17 years.”

There were 1,404 home sales in the Vancouver region as of July 15. This sales total is higher than the first 15 days of June when the Vancouver market’s recovery took off. It’s also up significantly from May.

A surprisingly strong showing from the Canadian housing market in June is leading economists to swiftly revise their forecasts as homebuyers returned to the market in larger than anticipated numbers.