“Sales activity was extremely strong for the first full month of summer. Normally we would see sales dip in July relative to June as more households take vacation, especially with children out of school. This year, however, was different with pent-up demand from the COVID-19-related lull in April and May being satisfied in the summer, as economic recovery takes firmer hold, including the Stage 3 re-opening. In addition, fewer people are travelling, which has likely translated into more transactions and listings,”
We’re still seeing the effects of COVID-19 and the government requests to socially distance.
Listed properties are down 50% over last year however sellers are holding strong on prices which means home values have actually risen by 1.9% over the same time last year.
On the ground we’re seeing sellers and buyers slowly but surely get back into the market. Week over week activity has been rising and people are becoming comfortable trading in real estate again.
As the restrictions continue to loosen up we expect to see a very busy Q3 and Q4 2020 in Toronto Real Estate.
Toronto ON –
COVID 19 is having an impact on the Toronto Real Estate Market. The impact is mostly on the amount of business being done but as an industry we’re adapting to new ways of serving our clients.
Prices have dropped 1% year-to-date and 2.5% over April 2019.
Mortgage rates have dropped again to about 2.2% on a 5-year fixed. It’s a great time for first time buyers to consider getting into the market and if you’re a seller you might consider holding on unless it’s absolutely crucial you sell.
Our expectations are that a rebound happens over the summer and fall as the federal and provincial governments loosen restrictions due to the COVID 19.