The real estate market certainly defied the predictions I made in early March. But, I wasn’t alone. Just about every expert shared my thoughts.
We’re now halfway through July and the Toronto market is still booming like it’s mid-spring. June’s gains were strong enough to recover the price reductions that came with Covid.
In the central Toronto market, the resurgence in activity at the high-end is a clear indication that markets are strengthening; it’s not just the low-priced inventory that’s moving.
In a research brief published in June, BMO Chief Economist, Douglas Porter, noted that pent-up demand from the spring months was the driving force behind the improved numbers and there was some question whether the momentum was sustainable.
“The early indications are that housing is one sector that has managed to hold up remarkably well, on balance, in the pandemic,” Porter wrote with guarded optimism.
While there’s still plenty of uncertainty surrounding the market’s trajectory, Porter predicted that low interest rates and tight housing supply will beat out negative factors such as the lingering effects of large-scale shutdowns and lower immigration levels.
In the near-term, CREA’s preliminary sales figures have July slated for an even stronger performance than June, and perhaps even better than July of 2019. Things are looking up!
Those are the numbers. Now the trends…
How we buy and sell homes has changed. Not so long ago, you’d hop in your car to meet your agent in front of a house or spend a weekend afternoon visiting open houses. Today, virtual walk-through tours, 3D-Matterport tours, and digital-signing platforms for purchase agreements are the new norm. While in-person showings are still possible, there are strict guidelines to protect the buyer and the homeowner.
The other trend is the rising demand for flexible living spaces that meet work-from-home lifestyles. Buyers want bonus amenities such as backyard pools and outdoor living spaces. As more employees have the option to work from home, the need to live in or near the city is lessened, and outlying areas are garnering lots of attention. Why? Because your money buys more living space, indoors and out.
If you’re thinking of selling to buy up, or down, now is a good time to make your move.