NEWS

With the broader movement and gradual reopening of the economy, June experienced positive results in terms of home sales and selling prices. A substantial increase was seen over the May 2020 sales results and was only down by 1.4% compared to June 2019. Notable were the detached and townhouse market segments in the GTA regions where year-over-year growth in sales were was reported in some areas and market segments. The average and benchmark selling prices were up year-over year for all major home types with the average selling price for all home types combined was $930,869 – up by 11.9% compared to June 2019.


Prior to the onset of COVID-19, there was a great deal of pent-up demand in the market, which appears to have arguably increased further over the past three months. It is still fairly early days of recovery, but barring any setbacks, stronger market conditions should continue into the second half of 2020.


New listings were up slightly on a year-over-year basis, up 2.1%. However, the number of active listings at the end of June 2020 was down by 28.8% compared to this time last year. Hence, it will be important to closely monitor housing market conditions as economic recover continues in the second half of 2020 and into 2021.


It is very important to note that many of the guidance and predictions noted is predicated on the continued reopening of the economy, gradually improving labour market in the GTA and sustained low borrowing costs. Risks still remain within housing market that could have potential negative impacts. These include:

  • A resurgence in COVID-19 cases, which could prompt a pause or even dialing back of the reopening in the GTA, and the economic impacts

  • A negative economic impact associated with the resurgence of COVID-19 cases in the United States, which could continue to impact trade, employment and overall household wealth via equity markets

As always, as licensed real estate agents, we are here to help provide advice and guidance. It is extremely important to get a market evaluation for your neighbourhood to obtain an accurate evaluation for your property when considering to list your home. Similarly, if in the market to purchase a home, a real estate agent can maintain a pulse on the market values in the neighbourhood being looked into. By doing so, it will increase the likelihood of attractive offers being considered by sellers.


At Search Realty Corp., Brokerage, we continue with our implemented Sell Safe and Buy Safe Action-Plans and use of digital technologies to perform contactless transactions.

Please feel free to reach out to use at any time. We are more than happy to help or answer any questions you may have.


It’s our family helping yours!


Keep safe.


Kristina & Rey




While the public health and economic concerns surrounding COVID-19 continue to impact the housing market, along with other markets, The May 2020 sales result was an improvement over Aprils numbers. As we move toward recovery during the COVID-19 pandemic, the housing sector will be a definite driver of growth as many potential buyers are looking to take advantage of low borrowing costs. In parallel to this, we have seen a significant improvement in rental transactions from April to May 2020. We are optimistic to see sales continue to grow throughout the summer months, and a maintain very balanced market.


Key highlights:

  • Greater Toronto Area REALTORS® reported 4,606 sales through TRREB’s MLS® System in May 2020. This result was down by 53.7% compared to May 2019

  • The number of new listings entered into TRREB’s MLS® System in May was down by a similar annual rate to that of sales, dipping by 53.1% to 9,104. On a month-over-month basis, actual new listings were up by 47.5%

  • The average selling price for all home types combined was up by three per cent compared to May 2019 to $863,599. On a seasonally adjusted basis, the average selling price was up by 4.6% month-over-month compared to April 2020

  • The MLS® Home Price Index Composite Benchmark price was virtually unchanged in May 2020 compared to April 2020. On a year-over-year basis, the composite benchmark was up by 9.4%

The general sense we get of the current market is that it is primarily driven by a need to buy or sell in the current conditions. There is no sway between being a “buyer” or “seller” market as many are doing so out of necessity. This does not mean that prices have dropped or risen, significantly, however it appears that May has given us a slight increase in prices.


Therefore, now more than ever, it is important to get a market evaluation for your neighbourhood from licensed real estate agents who can provide an accurate evaluation for your property. We will continue to follow the directives and guidance being given by the government and public health agencies to ensure the safety of our clients, whether buying or selling. This is reinforced by our Sell Safe and Buy Safe Action-Plans and use of digital technologies to perform contactless transactions.


Please feel free to contact us at any time for help or advice.


It’s our family helping yours!


Keep safe.


Kristina & Rey


Trending from the mid-April update, it is evident as to the impact that the necessary social distancing and economic impact that COVID-19 has had on home sales and listings this past month. Fortunately, transactions have been continuing and the real estate industry is still operating; however at a much slower pace. Through innovative techniques, such as virtual or live stream open houses, REALTORS® have been able to continue to facilitate transactions for buyers and sellers and help safely navigate through the new normal.


Key highlights:

  • Greater Toronto Area REALTORS® reported 2,975 residential transactions through TRREB’s MLS® System. This result was down by 67% compared to April 2019. Weekday sales remained within a relatively steady range during the month, averaging 130 per day

  • New listings amounted to 6,174 in April 2020 – down on a year-over-year basis by a similar rate compared to sales (-64.1%)

  • The average selling price for April 2020 transactions was $821,392 – up by 0.1% compared to the average price of $820,373 reported for April 2019. The semi-detached and townhouse market segments experienced annual average price growth above the rate of inflation. The condominium apartment and detached segments experienced year-over-year price declines on average

  • The trend for the MLS® Home Price Index Composite Benchmark, which had been on an upward trajectory since the beginning of 2019 flattened in April. On a year-over-year basis, the Benchmark was up by 10%

  • The MLS® HPI indices represent prices for typical homes with consistent attributes from one period to the next. The fact that the MLS® HPI was up year-over-year by a greater rate than the average selling price suggests that the share of higher end deals completed in April 2020 versus April 2019 was down.


It is important to note that average sale prices for a property can vary based on the neighbourhood and that the pace of price growth is dictated by the relationship between sales and listings. In other words, while COVID-19 has shifted market conditions and halted the strong pace at the start of March, there continues to be enough activity relative to available listings to keep the prices in line with last year’s levels.


Therefore, now more than ever, it is important to get a market evaluation for your neighbourhood from licensed real estate agents who can provide an accurate evaluation for your property. We will continue to follow the directives and guidance being given by the government and public health agencies to ensure the safety of our clients, whether buying or selling. This is reinforced by our Sell Safe and Buy Safe Action-Plans and use of digital technologies to perform contactless transactions.


Please feel free to contact us at any time for help or advice.


It’s our family helping yours!


Keep safe.


Kristina & Rey




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