Toronto Real Estate Market Update [July 2020]

Greater Toronto Real Estate Market Update July 2020.:

Michael Shuster here with your Toronto real estate market update for Mid-July 2020.

I recently posted the statistics for June 2020. And in the last 2 to 3 weeks we’ve all heard people talking about how the Toronto real estate market is on fire.

We’ve heard people say that bidding wars and multiple offers are back in full swing.

We’ve heard people say that their neighbour just listed and sold their house in one day on the market.

Well that is all very true and after the stage to re-opening of our province it seems a lot of buyers came out of the wood-works.

Specifically, when there is a surge of buyers there is a surge in demand.

And it’s important to note there wasn’t a surge in Supply.  We can only assume that Buyers are comfortable going into other homes if they wear protective masks & gloves.

But perhaps Sellers aren’t as comfortable yet to list their home because they don’t know who is coming into their homes ?

And of course I’ve been saying for a long time that our demand continues to exceed our supply of homes for sale.

Something else you’ve probably heard me say time and time again is that we simply cannot generalize about the Toronto real estate market.

Yes of course there are statistics and those statistics are accurate.

However they are a generalization Not necessarily applicable or reliable to your specific type of home in your specific area.

I remind you the reason The statistics should only be considered as a generalization is that they are an average across the entire GTA  market.

However there are many different real estate markets within the greater Toronto area.

So here is specifically what has occurred in the last 2 to 3 weeks.

If I were to take you to the southern part of Keswick last week I saw a $520,000 townhouse sell in just one day on the market.

However I also saw a waterfront property that was listed over $1 million remain on the market for many months and still has not sold.

I saw a semi detached townhouse in the beaches sell after four days on the market in a multiple offer situation and ultimately sold over asking price.

However, I also saw a two-story custom-built house in Midtown stay on the market for 19 days as of today and it still hasn’t sold. In fact they did a slight price reduction a few days ago.

So I think it’s great news and very exciting when you hear Realtors or the media reporting that the market is on fire.

And it’s exciting when you hear friends, family members, and neighbours talk about how quickly their property sold.

Just remember that there is a different market for town houses or semi detached houses than there is four detached houses or condos.

There is a different market in Keswick, Newmarket, Aurora, Richmond Hill, Toronto, Vaughan, Whitby, Ajax, and Oshawa.  Or  Brampton to Milton.

So if you are just curious about the market in general then there is a lot of positive news to be happy about.

But if you are following the real estate market updates because you might consider buying or selling in the near future you must remember that it has never been more important to speak to me or your trusted Realtor directly for the specific market statistics for your type of property In your local area.

In closing I will share some other exciting news with you.

While many people try to predict how the future real estate market in Toronto will go, I heard this week that the Canadian government is still encouraging and excepting applications for immigration from foreigners even though they aren’t able to immigrate while the borders are closed.

We are expecting a minimum of 1 million immigrants to the greater Toronto area over the next 1 to 3 years.

So even if we were to speculate how many people might be looking to move over that time or in other words speculate where the real estate market will go, the mere fact that demand will continue to increase rapidly due to immigration, and quite frankly faster than builders can build, one can only conclude that demand will continue to exceed supply.

And that of course means if you are thinking of buying and you are waiting for the market to go down it doesn’t look like it will go down for the foreseeable future.

Even if there were an unexpected blip in the market due to something like a COVID-19 lockdown, we are now seeing firsthand how the Toronto real estate market will rebound with inventions and without hesitation.

For all your real estate news and updates, fax and figures, please don’t hesitate to get in touch with me.