GTA Real Estate Market Watch - February 2020

By: Jay Rana

GTA Real Estate Market Watch - February 2020

Tags: toronto real estate, markham real estate, york region real estate, stouffville real estate, home buyer, home seller, first time home buyer, starter home, TREB, century 21, re/max, keller williams, royal lepage, purple bricks, redfin, ibuyer, market watch, realtor, homes4less, sellhomes4less, search realty, jay rana, GetRANA, re4l, Spring, Spring Market, Vegan Realtor, jayguaranteedsold, VIP Home Buyer Protection Plan, February, Valentine, Family Day, January, 2020, Happy New Year, New Year, Christmas, november, december, holidays,

GTA Real Estate Market Watch – February 2020.
Published March 4th, 2020

 Here's what happened in the GTA Real Estate Market last month February 2020
Price comparison to February 2019 (last year)

Nearly a 20% appreciation in Condos year over year!! Wow. It beat the predicted appreciation of 6-10% that analysts were saying via financial reporting at the start of February. Aside from Semi’s, all other property types had double-digit year-over-year increases.
As I had mentioned at the beginning of Feb, multiple offers were already starting and throughout February, they continued – much more sooner than the typical spring market, causing every property type to appreciate vs Jan 2020:
  Lower supply coupled with increased demand, changes in lending (easing up) helped buyers not just get qualified, but gain confident entry points to beat the upcoming white-hot spring market. With some of the further upcoming changes to lending as well as additional attempts to stimulate the economy – I don’t see this slowing down through March.

Even with fears of the Covid-19 spreading and impacting the Chinese economy (thus overall trade & the world economy), unless there is a literal global shut-down of industry and massive upticks in unemployment as a result - I’m still predicting an above normal INSANE Spring Market.

Buyers – YOU CAN STILL PAY IN THE FAIR MARKET RANGE FOR PROPERTIES, EVEN IN A MULTIPLE-OFFER MARKET. Your agent should be competent enough to guide you how to accomplish this. 

Sellers, if you were thinking of selling: CONSIDER LISTING ASAP!!
Beat the competition and get a firm deal within the next month or two – especially if you were also planning on buying (move-up or downsizing)

Please note that these are overall GTA stats & trends, which do apply to the regions of York, Durham, Peel & Toronto - however, if you'd like specific information regarding a particular region or city, please let me know and I can provide more precise statistics and information.

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