Toronto is on track to normalcy for the summer!
Some indoor dining has resumed but most businesses are struggling hiring staff to keep their business open.
In real estate we are finding people gradually coming back to the city as the 2nd week of July we saw an increase in condo rental activity in the downtown core. Bidding wars came back to some of the popular condo buildings.
Metro Toronto real estate summer traditionally has been slower as we see fewer new listings available. However, don't dismiss qualified buyers who are actively looking in the GTA as we continue to see properties that still sell in a day, in a week.
Broader news - the vacancy tax is officially
It's been a challenging year for most to navigate. Live in the moment when we can and be grateful when we do have time with our loved ones.
I spent the past few working in Hong Kong since September and grateful when I do get to spend time with my own family and friends.
While most are hopeful with COVID vaccinations that is becoming available, there will definitely be uncertainty with the global economy recovering in 2021.
Toronto is already talking about a vacancy tax
Vancouver increasing their existing vacancy tax.
Taxes are needed to help the country run yet how does that stimulate the economy when Canada is viewed to be one of the safest country to be in. We can only live our best live and expect change being the constant.
In the mean time, Happy Holidays to my readers out there!
Traditionally, the metro Toronto resale market starts 1 week after Labour Day. This gives families time to settle in from summer vacation, get into the new school routine, resume busier fall economic activity, before the homeowners can start focusing on buying or selling their property. However, 2020 continues to be unpredictable!
On Sept 8, 2020 alone, there were over 182 condo listings alone in the downtown market in C01, C08 immediately after Labour Day
As for new development there are various projects that will be launching this month. Some of them includes:
MRKT by Tridel (Kensington market area)
QA by Context (Beaches)
Brightwater Master Plan Community by Kilmer Group, DiamondCorp, Dream, Fram _ Slokker (Port Credit)
How's your summer? Are you out paddle boarding? Are you at the cottage? Seeing friends at a patio bar? Are you staying put and having backyard BBQ on most nights?
Open house is now permitted in GTA however most of us have been diligent and opt not to pending on our seller's family situation and their preference.
Responsible sales representatives and brokers will have hand sanitizers, masks and gloves ready for clients when we are out on showings. We ask everyone to be respective and not to touch too many things at the property and not to use the washroom on site.
Many properties are selling in a week when prices at market price. Buyers are very sensitive to pricing so properties prices more than $100,000 - you can easily expect the property will sit on the market for more than a week.
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Second Quarter 2020 IS A ROLLERCOASTER RIDE!
Real estate statistics in March was divided into pre and post-COVID 19. Pre-COVID 19 we were making our way to another record-breaking spring market.
Since then, the Toronto Real Estate Board has recorded Greater Toronto (GTA) sales decreased by 67% year over year. The average selling price for April 2020 transactions was $821,392 – up by 0.1 per cent compared to the average price of $820,373 reported for April 2019.
For my condo audience, the average selling price in C01 (downtown west) for April 2020 was $755,000. In C08 (downtown east) the average selling price was $1,000,000.
There are much fewer listings on MLS / Realtor.ca but us Realtors have seen significantly more listings listed exclusively listed with independent brokerages while Sellers and their realtors try to qualify buyers and have better control of showings for everyone's healthy and safety concerns.
Many brokerages have stopped Open Houses and opted in for virtual tours and virtual open houses found websites, Facebook Live, Instagram and other platforms.
Happy to take your questions at anytime! Email me via email@example.com !