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)
- Detached properties increased by 13.7%
- Semi-Detached properties increased by 4.5%
- Townhome properties increased by 14.9%
- Condo Apartments increased by 18.6%
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:
- Detached properties had an increase of 6.8%
- Semi-Detached properties had an increase of 9.2%
- Townhome properties had an increase by 5.1%
- Condo Apartments had an increase of 5.4%
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.
For past issues, visit: http://www.getrana.com/blog/jay-ranas-monthly-gta-real-estate-market-watch/
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Real Estate Negotiation Expert, Real Estate Business Institute
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