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October 22, 2020

Toronto Real Estate Market Minute | October 2020

You may have heard in the news that the Toronto Housing Market is better than it’s ever been… you may have also heard that the Toronto Housing Market is in free-fall Chernobyl. So, what’s the truth?

 

It’s true that September was a record-breaking month for residential sales in Toronto, but that doesn’t capture a true picture of why. Yes, this year got off to a really strong start, beating out last year’s numbers for January, February and even March. But April and May – typically two of the strongest months in the housing market – were obliterated by the stay-at-home orders, although some sales did manage to squeak through. What we’ve seen since the re-opening started in June is a real game of catch-up.

 

The other thing we couldn’t predict in March was the changing real estate needs that the quarantine brought on, with the shift to working-from-home and virtual schooling making many Canadians actually look to the space and amenities that the suburban or rural properties can certainly offer.

 

The total Number of Sales for the GTA Year to Date is actually up 1.52% over the previous year, however, regions closer to the City core are experiencing slight decreases in total sales year over year.

 

We’ll see what the rest of the year has to bring with the realized impacts of the return to school and the end of CERB, but regardless of whether people are upsizing, downsizing or getting the heck out of dodge — residential real estate will continue to trade.

 

If you’d like to plan your next real estate move with a seasoned team of professionals, or if you have loved ones that you’d like to see be well taken care of, give us a call. Thanks for watching, stay safe, stay healthy and stay tuned!

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