It’s a Weird and Wonderful Real Estate Market

This year has been unpredictable to say the least, and the real estate market is no exception. With Covid-19 restrictions hitting in mid-March, the normally hot spring market stood still. However, the normal hotbed of spring activity simply shifted to the summer as we settled into this new way of life.

We’ve just seen a record-breaking last two months, with Toronto’s housing market seeing a 40% increase in sales in August over last year. Combine that with a 20% increase in the average selling price, and it was a hot summer indeed!

While the condo market has been a bit more balanced, we did see increases of nearly 11% in sales across the GTA. And areas within the 905 have seen somewhat higher increases, with the “pandemic exodus” from the downtown core creating more demand in these regions.

The leasing market has also seen some big changes. Most notably, with the tightening of short-term rental rules, we saw a flood of furnished rental units hit the market earlier this summer. And many urbanites have taken full advantage. In fact, I haven’t had a pause in activity since June!

Experts are quite bullish about the fall market and Ontario real estate in general. From our handling of the pandemic to the current situation in the United States, we could see a flood of people entering the market when the borders open back up. And Toronto will be at the top of the list.

So if you’re wondering what your next move is this fall, contact me today.