Michael Cowan, Sales Representative
1300 Yonge St., Suite 100 M4T 1X3 Toronto, ON, Canada

The Toronto Real Estate Board's statistics for the GTA show an average price of just over $900,000. This is only the fourth month in history that the average price has been over $900K. The other times were last month, March 2017 and April 2017. The highest was April 2017 at $920K. I continue to anticipate a gentle settling in prices as we push through these unusual times.

Market Update: the Coronavirus has lanced the stock market and has put lots of people out of work. A host of non-essential businesses have closed temporarily. Real estate activity has slowed significantly. Though real estate is deemed an essential service, showings have dropped off 77% (comparing the last week of February to the last week of March). Likewise sales have waned. In February, 1039 freehold properties traded in the City of Toronto; in March, 1111 changed hands-...-up slightly. The drop in sales becomes apparent when we look at weekly sales in March: 320, 359, 229 and 160 in the final seven days. So sales have fallen about 50% and will likely fall further as sales lag showings. I expect that prices may pull back a slightly over the next 6-12 months, providing an opportunity to increase one’s asset footprint in real estate. During the subprime crisis that began in 2008 Toronto real estate price indices declined ~10% at the lowestmade worse by illiquidity at the top end of the marketand on a like-for-like basis prices were down 4-5%. Feel free to reach out to me if you’re an opportunist or conversely if you’re facing economic challenges and need to understand your real estate related options. Happy isolating!

Check out this amazing townhouse near Trinity-Bellwoods park! Open houses this Saturday and Sunday 2-4pm. https://www.chestnutpark.com//Th-7-10-Plymouth-Avenue-Toro

Here's an interesting new listing: 58 acres near Shelburne. The property is mostly EP (environmental protection) zoning but has a small portion Rural in the northeast corner. No building permit is available presently however as the township has said 'no' to the proposed driveway location. https://www.realtor.ca//vacant-land-pt-lt25-con-2-blind-li

The Toronto Real Estate Board's September numbers show year over year price growth of 5.8%! While this is pleasing news for homeowners, it tends to strengthen the affordability problem thesis.