Simmi Minhas Real Estate
685 Sheppard Ave E #401 M2K 1B6 Toronto, ON, Canada

Hi, this is Simmi Minhas. Zoocasa came out with an article recently discussing the influx of condo listings. There were 1,972 more condos available by the end of 2020 compared to 2019, which is an increase of 172% year-over-year. Of course, there are several factors causing this shift, such as historically low interest rates, more individuals working from home, overall lifestyle changes with the pandemic and more people deciding to move outside of the city. The pockets in the... city with the most condos available included Downtown, the Entertainment District, CityPlace and Liberty Village, which saw a 219% increase in listings year-over-year. The median sales price also dropped 9% or $58,750. The second set of areas in the city with the greatest number of condo listings was Regent Park, St. James Town and Corktown, where the median home price dropped 10% to approximately $597,000 year-over-year. There was a 239% increase in inventory in these areas. The last pockets in the city with the greatest number of condo listings was Hillcrest Village and Bayview Village with a 156% increase year-over-year in active listings. The median home prices remained more steady with a 4% increase to $531,000. And there's some information about the current condo market. Feel free to reach out to me if you have any questions about this topic or real estate in general. Thank you for watching!

"According to the latest figures from real estate website Zoocasa, there were a shocking number of condos flooding the market by the end of last year 3.2 to 3.4 times as many in some neighbourhoods than the same time in 2019. There was a total of 3,120 condos listed in Toronto at the end of December, which is a whopping 1,927 more than December 2019." https://www.blogto.com//toronto-neighbourhoods-most-condo/

Just Sold A HUGE congratulations to my clients for securing a beautiful unit in this condo. We landed this unit at 92% of original asking price! Thank you to my clients for trusting me with this process. Thinking of buying? Feel free to reach out to me! (416) 553-1182

https://torontostoreys.com/ingram-mls-awards-2020-most-lea/

Hi, this is Simmi Minhas. Toronto Storeys came out with an article recently discussing rental prices in Toronto. The median cost for a 1-bedroom rental in Toronto was $1,830 in January which is a decline of 3.7%, while a 2-bedroom rental has fallen 2.4% to $2,740. However, even more striking is the fact that 1-bedroom rent in Toronto has dropped 20.4% year-over-year, while 2-bedroom rent has fallen 16.3%. Although these records are low, Toronto still holds the second highe...st ranking below Vancouver for the most expensive 1-bedroom rent. In the 905, prices haven't dropped to the same extent as Toronto. Numbers have actually risen, although they're still much lower than rates in the city. And there's some information about the Toronto rental market. Feel free to reach out to me if you have any questions about this topic or real estate in general. Thank you for watching!

Hi, this is Simmi Minhas. Today I wanted to give you a December and 2020 real estate market update. There were 95,151 sales reported in 2020 despite the uncertainty of the pandemic. This is up by 8.4% compared to 2019 and the third best result on record. December had 7,180 sales reported, which is another record and an increase year-over-year by 64.5%. The average selling price reached a new high as well, coming in at $932,222. This is up by 13.5% compared to 2019 and 11.2...% compared to December 2019. Year-over-year growth was the strongest in the GTA surrounding Toronto, for single-family homes. The entire market was quite unpredictable. There was a steep decline in demand during the spring once the initial COVID-19 restrictions were in place, but then home sales hit record peaks in the summer and fall. A strong economic rebound along with very low borrowing costs and enhanced use of technology for virtual open houses led to a quick recovery. However there was quite a difference between the single-family market and the condo market. Supply for single-family homes remained low creating strong competition and double-digit price increases, but the condo market was left with many more listings than sales. With so many more condo options, buyers had a lot more negotiating power leading to a year-over-year dip in average condo prices. And there's your December and 2020 real estate market update. Feel free to reach out to me if you have any questions about this topic or real estate in general. Thank you for watching!

Happy New Years! wishing you all a healthy, prosperous and successful year ahead

Insane!! "In December, during what’s typically a quiet month for homebuyer activity, the Durham Region which spans Ajax, Brock, Clarington, Oshawa, Pickering, Scugog, Uxbridge, and Whitby saw 773 home sales representing a 49% increase from the same time last year, while the number of new listings last month reached 624, a 46% increase from December 2019." https://torontostoreys.com/durham-region-housing-stats-dec/

Hi, this is Simmi Minhas. Canadian Real Estate Magazine came out with an article recently discussing the increased interest in condos. Sales declined by 5% in 2020 compared to 2019, however prices increased by 7.1%. In the 416, prices rose by 6.3% and in the 905, they increased by 10.2%. December was a record breaking month for the GTA's condo sector as sales increased by 75.4% year-over-year although the average price of a condo decreased by 2%. In the City of Toronto, ...condo sales surged by 75.9% during the same period, while the average price decreased by 4.7%. In the 905 region, sales increased by 74.% and the average price increased by 6.3%. With the condo market starting to pick up, this definitely signifies more buyer confidence. Feel free to reach out to me if you have any questions about this topic or real estate in general. Thank you for watching!

Hi, this is Simmi Minhas. The Toronto condo market has definitely slowed down, but not all unit types are performing poorly. Currently, there are so many smaller condos on the market and with so much supply, these units have become a lot harder to sell. Supply shrinks all the way up to their lowest level at 1200 to 1399 sq ft, before gradually increasing again as units get larger. This means that if you're looking to buy a condo between 1200 to 1399 sq ft, supply is very ...low and you're likely to see these units sell a lot quicker versus a unit below 500 sq ft, where a lot of supply can be found. There is less demand for micro condos as people are looking for more space with the COVID restrictions. Small condos make up a significant portion of the condo supply on the market and with more listings coming up for smaller units, the more downward pressure we may see on prices. This has led to a very high vacancy rate, especially in downtown Toronto. Condo leases listed in quarter three this year have doubled on an annual basis to 23,288 units. And there's some information about the current condo market. Feel free to reach out to me if you have any questions about this topic or real estate in general. Thank you for watching!

"Vrbo, the short-term vacation-rental platform owned by travel giant Expedia Group, has announced that it's quitting Toronto for good. The Airbnb competitor that allowed users to book condos, cabins, and beach houses has decided to exit the market thanks to the City's crack down on short-term rentals. "After years of ongoing discussions, Expedia Group is saddened that the regulatory environment in Toronto has caused us to withdraw from the short-term vacation-rental market,..." said Philip Minardi, Expedia’s director of policy communications, in a statement to The Logic." https://www.blogto.com//airbnb-main-competitor-just-pulle/

Happy holidays! Wishing you all peace, love, prosperity and joy this holiday season and throughout 2021!!

Hi, this is Simmi Minhas. The Government of Canada is making changes to the First Time Home Buyer Incentive. It was first introduced last year as a shared-equity mortgage to help reduce payments for first time buyers. The Government of Canada takes on 5-10% of the loan on a new home and 5% on a resale home. Now the incentive is being expanded for the high-priced Toronto market as of spring 2021. The incentive originally allowed the maximum home price to be eligible at 4 t...imes the household income, but is going up to 4.5 times the household income. The buyer's income threshold is being raised from $120,000 to $150,000. The changes mean that the maximum home price for eligible first-time home buyers goes from $505,000 to approximately $722,000. And there's some information about the First Time Home Buyer Incentive changes coming in the spring. Feel free to reach out to me if you have any questions about this topic or real estate in general. Thank you for watching!

"December proved a record-breaking month for the GTA’s condo sector, as sales increased by 75.4% year-over-year. The average price of a condo, however, fell by 2%. In the City of Toronto, condo sales surged by 75.9% during the same period, while the average price declined by 4.7%. In the 905, sales shot up 74.5% and the average price increased by 6.3%. Sales were surging again and the condo sector was beginning to look like its old self, signifying strong confidence in the ma...rket segment going forward. Even more importantly, it demonstrates resolute faith that the GTA’s market fundamentals aren’t mere smoke and mirrors, as well as a tacit understanding that the sudden, unprecedented job losses were fictitious." https://www.canadianrealestatemagazine.ca//gta-condo-secto

"Property taxes are based on the current value of a home and the residential rate determined by each municipality. Municipalities that have larger populations and higher average home prices tend to have more flexibility to keep property tax rates low, because the amount collected in total is higher, Rane added." https://www.toronto.com//10267778-these-10-ontario-cities/

"After viewing 65 homes in six months and putting down nine offers, Brandi Ricci and her husband finally landed their dream home in Hamilton. They never expected to be dealing with multiple bidding wars during a pandemic, but Ontario's real estate sector has remained strong even as other areas of the economy experienced a downturn since March. This past November, the Toronto Real Estate Board found that homes sales were up 24.3 per cent in the Greater Toronto Area compared to... the same time last year. Toronto sales were also up, but not the same amount. The reason, people have been rushing into the suburbs looking for single-family homes." https://www.cbc.ca//toronto-realestate-ontario-homes-condo

Just Sold Congratulations to my client for securing a beautiful unit in this condo.It's his very first investment property and we're even finalizing tenants to move-in immediately after today's closing. We landed this unit at 94% of original asking price and even knocked off a few thousand due to the status certificate review (ask me more about this!)Thank you to my client for trusting me with this process. Thinking of buying? Feel free to reach out to me! (416) 5...53-1182 #SimmiMinhas #SoldBySimmi #Toronto #Remax #RealEstateAgent #Entrepreneur #RealEstate #Investor #Investment #Canada #GTA #GreaterTorontoArea #Downtown #NorthYork #Etobicoke #Brampton #Mississauga #FirstTimeHomeBuyer #FirstTimeBuyer #Homes #Condos #SemiDetached #Townhouse #Preconstruction

Hi, this is Simmi Minhas. Today I wanted to give you a real estate market update for October 2020. Home sales in GTA were up year-over-year for the fourth consecutive month. There were 10,563 transactions this past month, which is up by 25.1% compared to October 2019. Sales and new listings reached record levels again, but this varied depending on the market segment. For detached homes, there were a lot more sales versus new listings, but for condos, there were a lot mor...e listings versus sales and a lot more compared to October 2019. Competition between buyers remained strong especially for single-family homes, particularly detached homes. Condo buyers had a lot more options as there’s a lot more listings on the market. The pandemic actually halted tourism, which has led to a lower cash flow for a lot of investors leading to a lot of condo listings hitting the market. The average selling price for all home types was approximately $968,000, which is up by 13.7% compared to October 2019. And there’s your real estate market update for October 2020. Feel free to reach out to me if you have any questions about this topic or real estate in general. Thank you for watching!

"Whether you’re buying a home by yourself or with a partner, coming up with the finances for your first home can be stressful. There are federal, provincial and municipal programs such as the federal Home Buyer’s Plan that were established to help buyers purchase their first property. These programs and rebates can help you successfully purchase your first home and it’s important to know what they cover and how to qualify." https://www.zoocasa.com//first-time-home-buyer-programs-r/

"As the COVID-19 pandemic continues, it has begun to impact the real estate market in a negative way, or at least one part of it condos in downtown Toronto. The downward trend in this sector of the market has led some to sell their condos in a hurry and in some cases before the building has even been built. Jas Takhar, the co-founder of real estate agency REC Canada, said that some are definitely offloading their condos as the market heads into an uncertain future. I think there are people who are fearful right now, he said. They’re not long term investors. They’re making a short-term decision." https://trnto.com/toronto-condo-market/

"In terms of inventory, homes between $1 million to $2 million have more movement compared to those between $2 million to $4 million, but interest in both segments is strong as demand for space and living amenities increases through the summer, explained Springate-Renaud in the companys market report." https://www.livabl.com//demand-luxury-homes-surging-pandem

"The rising prices stem both from increased demand from homebuyers and higher building costs, according to the index, which scores 27 cities based on how their prices compare to December 2016. Record high lumber prices mean homebuilders could add $5,000 to $10,000 to the cost of building a single-family home. Canada is seeing a lumber shortage as more people look to renovate, and sawmills are producing less amid staffing measures to stop the spread of COVID-19. Earlier this s...ummer, builders reported increased costs from pandemic-related delays." https://building.ca/new-home-prices-had-biggest-monthly-ju/

"Using the latest available monthly data from the Toronto Regional Real Estate Board (TRREB) for August, Zoocasa reviewed average detached house price trends in 33 GTA municipalities or regions. Our analysis showed that there was a significant rise in average detached home prices across several Toronto regions, with a number of cities hitting their peak average detached price, or close to it, last month. In regions where the average home price did not hit its peak in August, Zoocasa calculated how far from the peak the August average price was in dollar value and percentage terms. For regions with fewer than 20 sales, Zoocasa did not calculate the percentage change, as a low transaction volume and the possibility of exceptional sales can skew average price data." https://www.zoocasa.com/blog/gta-peak-detached-house-prices/

Hi, this is Simmi Minhas. Prices for one-bedroom rentals in Toronto continue to drop for the sixth consecutive month. According to Rentals.ca, one-bedroom rentals in Toronto now average $2,013, which shows a 1.3% decrease month-to-month and a 13.8% drop compared to August 2019. Two-bedroom rentals dropped 1.2% from last month and show an 8.9% annual drop to $2,655 in August. On average, rentals in Toronto are about $400 cheaper this August compared to August 2019. Rental ...rates dropped in Toronto and the GTA, but mainly in Etobicoke, Old Toronto and North York where the drops are more evident. There are several factors causing low demand for rentals, such as less students living downtown, increasing newly-constructed condo supply and tenants relocating to more affordable leases. Also, the low immigration levels, lack of tourism and low interest rates are encouraging buyers to purchase rather than rent. Feel free to reach out to me if you have any questions about this topic or real estate in general. Thank you for watching!

"Canadian real estate sales printed another all-time record, as only some of the pent-up demand caught up. CREA reported 58,645 sales in August, down 6.2% from the month before. This works out to an increase of 33.5% when compared to the same month last year. The monthly decline is seasonal, but the annual increase is not. Last month was the biggest August for home sales in the history of the MLS." https://betterdwelling.com/understanding-canadas-record-ho/

"In a research note titled Ground-related housing heats up while apartment market lags, CURs Diana Petramala and Victoria Colantonio wrote that the resale market in the suburban 905 region broke sales records in August, with buyers showing a higher preference for ground-related housing." https://www.livabl.com//millennial-demand-detached-homes-p

"The price of a typical detached home is soaring, and it doesnt really matter where in Greater Toronto. TRREBs detached benchmark reached $1,054,300 in August, up 11.79% from the same month last year. The City of Toronto benchmark reached $1,267,200, up a relatively similar 11.85% from last year. Both numbers arent just very high, theyre growing at a much faster rate than when the economy was doing well." https://betterdwelling.com//toronto-detached-prices-rise-/

Just Sold Congratulations to my wonderful clients for securing a beautiful unit in this condo. We placed a pre-emptive/bully offer before the offer presentation night to beat out all of the competition and we got it! Thank you to my clients for trusting me with this process. Thinking of buying? Feel free to reach out to me! (416) 553-1182... #SimmiMinhas #SoldBySimmi #Toronto #Remax #RealEstateAgent #Entrepreneur #RealEstate #Investor #Canada #GTA #Downtown #NorthYork #Etobicoke #Markham #Brampton #Mississauga #FirstTimeHomeBuyer #FirstTimeBuyer #InvestmentProperty #Homes #Condos #SemiDetached #Townhouse #Precon #HGTV See more

Hi, this is Simmi Minhas. Today I wanted to break down the minimum down payment required to purchase a property. If the purchase price is less than $500,000, the minimum down payment required is 5%. If the purchase price is somewhere between $500,000 and $999,999, the minimum down payment required for the first $500,000 is 5% and 10% on the remaining.... If the purchase price is over a $1,000,000, the minimum down payment required is 20%. And there's the break down for the minimum down payment required to purchase a property. Definitely feel free to reach out to me if you have any questions about this topic or real estate in general. Thank you for watching!

Hi, this is Simmi Minhas. Today I wanted to give you an August 2020 real estate market update. There were 10,775 sales in August, which is up by 40% compared to August 2019. Detached homes, semi-detached homes and townhouses led the way in terms of price growth. Condos were also up on an annual basis, but not to the same extent as low-rise homes. Overall, market conditions remained very, very tight in the GTA for resale homes. Competition between buyers was very strong es...pecially for detached homes, semi-detached homes and townhouses. Condo listings actually surpassed condo sales so the condo market remained a lot more balanced. And theres your real estate update for August 2020. Feel free to reach out to me if you have any questions about this topic or real estate in general. Thank you for watching!

"If one things for certain, July was a scorcher in the Greater Toronto Area (GTA), and no, were not just referring to the weather. The new home market also experienced the strongest July for new home sales since 2007, as a total of 3,544 new properties were sold, according to data released by the Building Industry and Land Development Association (BILD)." https://torontostoreys.com/new-home-sales-gta-july-bild/

"The number of Airbnb apartments in Toronto continues to trend significantly downward, even though the official ban on short-term rental apartments that the province set in April due to COVID-19 concerns has been lifted for nearly two months." https://www.blogto.com//toronto-allow-short-term-rentals-/

"As the Ontario government prepares to freeze most residential rents across the province to help those suffering financial losses from the COVID-19 pandemic, critics of the plan say it doesnt go far enough. On Friday, the Ontario PC government announced plans to freeze rent on rent-controlled residential properties through 2021, promising to introduce relevant legislation in the fall." https://globalnews-ca.cdn.ampproject.org//ontario-ren/amp/

"Toronto real estate has seen pent up demand drive sales higher, but the impact on condos has been limited. Toronto Regional Real Estate Board (TRREB) data shows a fairly large uptick for condo sales in July. The increased sales volume has been met with sellers hitting the market at the fastest pace in at least 5 years. With new listings hitting the market faster than sales, inventory has increased to the highest level since 2016." https://betterdwelling.com//toronto-condo-sellers-list-at/

"Canadas largest real estate markets partially attribute fast climbing prices to immigration. However, with a significant decline in permanent residents, prices have yet to slow down. Government of Canada (GoC) data shows new permanent residents admitted to major markets dropped in June. The decline was most notable in Toronto and Montreal, where numbers are down more than a third. Vancouver, while seeing substantial declines, isnt falling nearly as fast." https://betterdwelling.com/canadas-largest-real-estate-ma/

"The federal government is extending the Canada Emergency Response Benefit (CERB) into September, before transitioning the millions of people who are still claiming CERB onto a revamped Employment Insurance program starting Sept. 27." https://www.ctvnews.ca//feds-unveil-37b-cerb-transition-pl

"A tiny Toronto house that hit the market for $1 million has just sold for $800,000 over its asking price. The two-bedroom, one bathroom home located on Euclid Street in Little Italy went up for sale in July and received lots of attention for its high asking price." https://toronto.ctvnews.ca/this-tiny-toronto-house-just-sol

Hi, this is Simmi Minhas. Better Dwelling came out with an article discussing the explosion of rental listings in Toronto. There were 82% more listings this July compared to last July. The number of new listings hasn't been this high for rentals since 2016, when rentals first began their price increase. However, the number of renters also signing new leases is rising. There are 11.5% more leases that are signed this July compared to last July, which is the highest number ...since 2015. The only issue is that the number of leases that are signed is not keeping up pace with the number of listings that are on the market right now. More specifically though, the new lease to leased ratio is 52.9%, which is an improvement from the last three months, but it still shows the down trend that we've been witnessing since August. This is actually the lowest ratio that we've seen in July since 2016 since all the ratios have always been above 80%. Feel free to reach out to me if you have any questions about this topic or real estate in general. Thank you for watching!

"Ontario is one step closer to beginning construction on the largest subway expansion in Canadian history, as the province expects that the Request for Proposals (RFPs) to advance tunnelling work on the Scarborough Subway Extension will be issued in the coming days. The Scarborough Subway Extension will extend the TTCs Bloor-Danforth Line 2 approximately 8 km via three stops, from Kennedy Station to a new terminus at Sheppard Avenue and McCowan Road." https://torontostoreys.com/province-moving-forward-scarbor/

Just Sold Congratulations to my lovely first time home buyer clients for securing this gorgeous home and beating out another offer. Thank you to my clients for trusting me with this process! ... Thinking of buying a home? Call me today (416) 553-1182 #SimmiMinhas #SoldBySimmi #Toronto #Remax #RealEstateAgent #Entrepreneur #RealEstate #Investor #Canada #GTA #Downtown #NorthYork #Etobicoke #Markham #Brampton #Mississauga #FirstTimeHomeBuyer #FirstTimeBuyer #InvestmentProperty #Homes #Condos #SemiDetached #Townhouse #Precon #HGTV See more

"The areas of Annex, Yonge-St. Clair, Casa Loma, Wychwood saw the biggest increase in detached housing values, which were up by 25.7% in Q1 and Q2 of 2020, compared to the same period in 2019, to reach a whopping $2,918,968 average. The areas of Yonge-St. Clair and Wychwood were recognized as being two of the top neighbourhoods to buy real estate in 2020 due to their value and the momentum of price growth." https://torontostoreys.com/gta-neighbourhoods-greatest-pri/

"The Canadian home building rebound only gained momentum in July with housing starts rising to an annualized rate of 245,600 units, the highest level recorded in two-and-a-half years. This result, released today, exceeded expert predictions by a wide margin, as single-family home construction surged across the country while Toronto and Vancouver saw a strong uptick in condo building." https://www.livabl.com//builders-best-month-home-construct

"Now that Stage 3 is taking place across the entire province, businesses are back to work trying to recover from the COVID-19 pandemic. And this couldnt be more true for the real estate market, which came to a near standstill in April, only to experience a major push in activity over the last two months. This is especially the case here in Toronto where home sales in the Greater Toronto Area (GTA) jumped 29.5% compared with July 2019, hitting a new record high for the month. With COVID-19 delaying the start to the typically busy spring market, REALTOR.ca site traffic has peaked in the summer months and had its strongest year-to-date growth in June, with an increase of 42% in the number of unique visitors." https://torontostoreys.com/realtor-ca-record-numbers-june-/

Hi, this is Simmi Minhas. Today I wanted to give you a real estate market update for July 2020. There were 29.5% more sales in July year-over-year creating a new record for the month of July. Compared to June, there were 49.5% more sales, so although CMHC came out with the new regulations making it a little bit more strict to get approved for a mortgage if its uninsured, its still been hotter in July compared to June. Total new listings were up by 24.7%, but on an annua...l growth basis, in comparison to that of sales, new listings were actually down creating tighter market conditions. By the end of July, active new listings were down by 16.3%. The average selling price is up by 16.9% year-over-year to approximately $943,000. Sales activity has been very strong for summer, which is quite unusual during this time. Usually people are going on vacation especially with their kids out of school, but with COVID and the pent up demand from April and May, especially with the closures, a lot of people have been looking for homes during this time. Its quite unusual and its very hot activity for July, but its mainly because people arent traveling right now, stage 3 re-openings have also caused a lot of that activity and people are now more in the city, to create more transactions and put out more listings. And theres your July 2020 real estate market update. Feel free to reach out to me if you have any questions about this topic or real estate in general. Thank you for watching!

"Rural real estate sales have increased in Ontarios countryside as city-dwellers look to escape dense cities during the COVID-19 pandemic. Dunlap said that sales were slow during February, March and April when the quarantine was in full effect, but since then they are up over 50 per cent from where they were last year." https://trnto.com/country-real-estate-toronto-surge/

Hi, this is Simmi Minhas. Rental prices for condos in Toronto have been dropping especially after the pandemic started. The average price for 1 bedroom condo in Toronto is $2,083, which is down by 5% year-over-year. The average price for a 2 bedroom condo in Toronto is $2,713, which is also down by 5% year-over-year. This is due to many factors, one major factor being COVID, which has put a restriction on many condo showings. Number two, job loss, many individuals have ex...perienced job loss in the last few months. And number three, theres a lot of condos on the market right now up for lease, which means that theres a lot more supply evening out the price growth. Feel free to reach out to me if you have any questions about the rental market or real estate in general. Thank you for watching!

"According to new data published last week by the Toronto Regional Real Estate Board (TRREB), the average price for a one-bedroom condo in the GTA was $2,083, down 5 percent from the same period a year earlier. The rent price for a two-bedroom condo also fell over 5 percent to $2,713." https://www.livabl.com//toronto-one-bedroom-condo-rent-fal

Hi, I just wanted to share some very important news. Ontario's Landlord Tenant Board is starting to process evictions today. This is crucial news, especially as evictions have been put on halt since the pandemic started back in March. Tens of thousands of people in Toronto face the threat of eviction this month. If you have any questions about tenancy and evictions, feel free to reach out to me!

"Ontarios Landlord and Tenant Board is set to begin processing thousands of eviction applications Tuesday, as pressure from tenant advocacy groups to try and extend a ban on evictions continues to mount amid the COVID-19 pandemic." https://globalnews.ca//ontario-landlord-tenant-board-reop/

"In June, the average price was $1,086,502, up from $1,083,884 in May and home prices have surged 22.5% year-over-year, according to the latest data from the Toronto Regional Real Estate Board. According to RE/MAX, one of the key drivers of the rising prices has been the shrinking housing inventory that has spanned since August of last year. But, this has since started to reverse, with supply now beginning to grow. In June, there were 790 new listings and more than 400 homes sold. While at the onset of the virus outbreak, sales plummeted 50% year-over-year, they have since recuperated, rebounding 35% in June." https://torontostoreys.com/markham-real-estate-covid-19-re/

Hi, this is Simmi Minhas. Open houses have started again today in Toronto! With the city moving into the third stage of reopening, in-person open houses are permitted again. The Real Estate Council of Ontario has made recommendations for open houses moving forward, such as wearing a face covering, limiting the number of individuals allowed into the home at one time and disinfecting high-touch surface areas as frequently as possible to maintain a sanitary environment. Definitely feel free to reach out to me if you have any questions about open houses starting again. Thank you for watching!

With Toronto moving into the third stage of reopening Friday, realtors will once again be permitted to host in-person open houses with precautions in place. https://www-livabl-com.cdn.ampproject.org//toronto-ag/amp/

"Toronto real estate is seeing sales bounce, just not in the condo market. Toronto Regional Real Estate Board (TRREB) data shows condo apartment sales had the weakest June in over a decade. This led to prices falling from peak, as inventory went in another direction hitting the highest level in almost four years. Toronto condo prices are up from last year, but have fallen from their peak. TRREBs benchmark (a.k.a. typical) condo price fell to $591,700 in June, up 9.66% from the same month last year. The City of Toronto condo benchmark fell to $622,200, but is still up 8.67% from the same month last year. Both numbers have fallen from their peak prices and growth since the onset of the pandemic." https://betterdwelling.com//toronto-condo-prices-fall-fro/

"York University has officially received the green light from the provincial government to move forward with its long-awaited Markham Centre Campus (MCC). Construction for the campus, which will focus on courses geared toward themes of technology and entrepreneurship, will commence July 2020 and will be completed in time for the fall semester 2023. The campus will accommodate up to 4,200 students in Phase 1, with the flexibility to respond to future growth demands." https://torontostoreys.com/york-university-markham-campus-/