January 2021
Dear Friend
Writer and philosopher George Santayana said, “Those who cannot remember the past are condemned to repeat it." If you want to know why the market has been so active (prices up 14.3% this year) and what will happen to Toronto real estate, let’s look at the recent past.
December 2020,
Dear Friend,
Another record month of real estate sales for the GTA and Covid 19 had nothing to do with it!
There are 5 major factors that are keeping the real estate market at record levels:
1. Ridiculously low-interest rates (1.5%) attracting new buyers into the market who can now qualify to buy.
2. A strong economic recovery for many business sectors.
October 2020 Dear Friend, A record month for the GTA! 11,083 homes sold in September, 42.3 % more than a year ago. As of the end of September, despite Covid, sales were up 1% compared to the same period last year. Proof of the desire for homeownership in Toronto! Here are two factors that brought many more buyers into the marketplace. The Canadian government gave out 53 billion dollars in aid to Canadians, while at the same time, Canadians lost 23 billion dollars in wages. That difference resulted in an 11% net disposable income for Canadians!
July 2020
Dear Friend,
Working throughout June, one could feel that the market was extremely active with multiple offers and activity at a high rate. But we were all quite surprised when the final numbers came in from the Toronto Real Estate Board, showing that June's sales (8,701) were only down 1.4% from June of 2020 (8,826). We knew that there has been a huge pent-up demand for homes and that market exploded in June! I believe that that will continue in July and August.
June 3, 2020
Dear Friend,
The Toronto real estate market experienced an enjoyable but unexpected jump in sales last month. Toronto real estate board members reported the sale of 4,606 homes, which was only down 53.7% compared to the month before, where the number of sales was down 67% from April 2019.
The biggest surprise came in the form of Toronto prices. Despite the headline-grabbing negativity about Toronto prices, Toronto's average price increased by 3% from the previous month, and up 7.2% (now $878,449) over the 2019 average price of $819,305.
Consumers in the real estate market can expect more digital, low-touch home searches and transactions to continue for the foreseeable future.
Realtors are being advised against handshakes and taking clients out in their cars even as the industry prepares for more activity in the coming weeks as the economy reopens.
e April statistics are in, and I must admit, I am amazed. Toronto Real Estate Board members sold 2,975 homes through the MLS system. Each home sold has someone who purchased it, so there were a total of 5,950 transactions. Yes, those numbers are down 67% compared to April 2019 but much higher than I expected, given the circumstances. The number of new homes that came on the market was also down 64% which makes sense as the number of people being influenced by Covid would be the same, both in wanting to buy and wanting to sell.
Dear Friend,
I hope you and your family are staying safe and healthy during these trying times. It is a difficult time in our history; however, we are very fortunate that it happened in an era of high technology. The internet and cell phones allow many businesses like Amazon, Supermarkets, takeout food delivery services and others to continue to provide services to us, which all limits our exposure to the virus. Apps such as FaceTime, Facebook, Zoom, Go to Meeting, and cell phones, in general, allow us to stay social but, at the same time, practice social distancing.
March 2020
Dear Friend,
A huge month of sales for the GTA area as realtors reported the sale of 7,256 homes, up 45.6% over the 4,982 homes sold in February 2019, with the average price increasing 16.7% to $910,290.
