Another busy month of sales as the Toronto Real Estate Board reported the sale of 9,390 homes in July, one of the busiest Julys on record.
Multiple offers continued to be the norm for well-priced properties as the shortage of homes available for sale has not eased. With only 12,551 new properties coming on the market in July, it remains a Seller’s market as there are less than 11/2 months of inventory of homes for sale.
Another great month of sales as Toronto realtors sold 11,106 homes at an average price of $1,089 536. While many statistics are being bandied about, such as,” Average price is up 28% over the same time as last year”, these numbers are not relevant due to the impact of COVID-19 in 2020.
The critical numbers are the following:
Well, I continue to be amazed at the record-breaking sales we are experiencing. Despite an extended Covid lockdown and the news that the anticipated vaccine distribution is not going as smoothly as it should, public confidence in real estate values and the desire for homeownership is at outstandingly high levels.
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.
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!
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
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.
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