Kelsey Small

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The year started much as 2020 ended, with a very strong Seller's market and low inventory, making it a challenging market for Buyers. Some good news for inventory is new listings were up over 20% year-over-year, but were still outpaced by homes sold, meaning active listings were down nearly 5% year-over-year. With the average property in the GTA selling for 103% of the asking price, it illustrates that, as we know, the majority of homes are selling through multiple offers. Th...is means with each property sold, there are multiple prospective buyers that didn't purchase a new property and are still in the market and contributed to a 15.5% increase in average sales price compared to January 2020. The rise in new listings, if continued, could help alleviate some of this market stress over time, so long as the buyer demand doesn't outpace that growth. While numbers are a great snapshot of the current market conditions, they also don't tell the full story. To get more information about a specific neighbourhood, housing type, or community not included, or for general inquiries, please don't hesitate to DM.

With the average annual selling price for a home in the GTA reaching a record high of $929,699 for 2020, and borrowing costs being incredibly low, sales continued to soar in most housing market types in December. All but condo apartments, saw double digit YoY increases, and condos held steady with a marginal YoY decrease of 2.0%, the same YoY decrease as November. To put these average prices in perspective, the average sale price for a GTA home in 2010 was $431,262, which means if you were able to invest in real estate a decade ago, the average investment more than doubled in value.

What to do with kids at home in another lockdown, prep for homeschooling gym class. #lockdownready #realestate #renovation

As we all work to navigate through the constant changes around us, the real estate market has also starkly arisen from it's spring pandemic slumber. The growth seen in June has continued into July, and as Buyers seem to be more plentiful than Sellers, at the moment, prices continue to rise, while active listings and average days on market are down when compared to this time last year. This growth is outpacing anticipated projections and is seen across all marketplaces, although low-rise home prices experienced stronger growth than the condominium market.

The big story for June, in terms of real estate, is that Buyers hit the market by storm, with sales skyrocketing 89% over May 2020 sales results. The challenge is that Sellers are a little bit slower to reenter the market, leading to a shortage of inventory, with active listings down 28.8% over June 2019. As expected, this is driving prices up 11.9% over the same time last year, and unless supply starts to outpace demand, prices will likely continue to rise.

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Despite the cooler November weather, the market still isn't showing any signs of slowing down, with the exception of the Toronto Condo market. While condos in the 905 are still experiencing modest price growths, the 416 is continuing to show slight decreases in average sale price as travel concerns and restrictions stagnate demand for that marketplace. "However, this may be somewhat of a short-term phenomenon. Once we move into the post-COVID period, we will start to see a re...sumption of population growth, both from immigration and a return of non-permanent residents. This will lead to an increase in demand for condominium apartments in the ownership and rental markets, said Jason Mercer, TRREB Chief Market Analyst. While numbers are a great snapshot of the current market conditions, they also don't tell the full story. To get more information about a specific neighbourhood, or community not included, or for general inquiries, please don't hesitate to call or email me.

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A rare 2020 date moment when both of us have a day off AND the kids are in school. #welltakewhatwecanget #delicious

On first glance, it appears that new listings are outpacing sales in both year-over-year percentage increase and total number of sales, however when you take a deeper look you see that the pent-up demand for housing is still prevalent in most housing markets. This is most pronounced in the detached housing market up 33.9% YoY, in contrast to the condo apartment market, which is only up 2.2% YoY. Similarly, the 905 is outpacing the demand in the 416, across all housing types. ...With the exception of condo apartments, it is anticipated that the overactive housing-market will continue for the rest of 2020. And as Jason Mercer, TRREB's Chief Market Analyst, notes, we can "expect record or near-record home sales for the remainder of 2020. While numbers are a great snapshot of the current market conditions, they also don't tell the full story. To get more information about a specific neighbourhood, or community not included, or for general inquiries, please don't hesitate to call or email me. See more

While numbers are a great snapshot of the current market conditions, they also don't tell the full story. To get more information about a specific neighbourhood, or community not included, or for general inquiries, please don't hesitate to DM me.