GTA REAL ESTATE MARKET WATCH - JULY 2020

By: Jay Rana

GTA REAL ESTATE MARKET WATCH - JULY 2020

Tags: JULY HOUSING MARKET, CMHC, MORTGAGE RULES, 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, SPRING, SPRING MARKET, VEGAN REALTOR, JAYGUARANTEEDSOLD, VIP HOME BUYER PROTECTION PLAN, FATHER'S DAY, COVID-19, COVID, CORONAVIRUS

 

Here's what happened in the GTA Real Estate Market last month July 2020

Price comparison to July 2019 (last year)

·            Detached properties increased by 16.0%

·            Semi-Detached properties increased by 16.1%

·            Townhome properties increased by 11.1%

·            Condo Apartments increased by 8.8%

Price comparison to June 2020 (last month)

·            Detached properties grew by 2.3%

·            Semi-Detached properties dipped slightly by 1.5%

·            Townhome properties dipped slightly by 0.6%

·            Condo Apartments grew slightly by 0.6%

To give you some perspective of how much increase we’ve had since April, which was the lowest market we’ve experienced this year so far –

·            Detached properties surged by 14.8%

·            Semi-Detached properties had a solid increase of 5.4%

·            Townhome properties had a solid increase of 7.1%

·            Condo Apartments surged by 9.0%

There was a slight pull-back in price appreciation, however Detached properties continued to lead the pack this time, followed by a very slight growth in condo apartments. Semi’s and towns dipped slightly, not by much though. 

Chances are that this happened as the GTA started going into Phase 2 of reopening after the COVID19 lockdown and people were busy restarting businesses and returning to work.  Considering that the growth of detached properties lead the pack, there is a high chance of move-up buyers (buyers either selling or renting their smaller homes to move into larger homes) jumped into the market in July vs first time home buyers.

Last month, I mentioned that move-up homes were in more demand – this trend continued last month, along with the exodus from the metro Toronto area.  Many employers have opted to continue allowing their work force to work remotely (where possible), alleviating the need to have an expensive owned or rented property near Downtown.  This further continues to fuel the suburban housing market. Properties continued selling in multiple offers, however as with last month, the properties that sold quickly and for top dollar are those that are updated and move-in ready – whether it’s in the $600,000 price range or the $3,000,000 price range.

Sellers – if you were thinking of selling, I highly suggest you start tidying up your property and get those renos and repairs done for a quick sale and for the maximum amount of money – otherwise you’ll risk sitting on the market for a longer period of time! There are “COVID-SAFE” methods on showing and selling your property to ensure the safety of your family as well as the safety of all parties involved.  Call me to discuss how this works 647-930-1394

Buyers – considering the market has slowed slightly from the aggressive growth in July, it might be worth considering your finances to jump into the market.

The fact that the LAST CERB PAYMENT WILL BE SEPTEMBER 26TH, 2020 – it will be *very* interesting to see how this affects the housing market a we’ll get some true statistics on unemployment and the state of the Canadian economy. Let’s also not forget that Mortgage deferrals as a result of COVID19 will also be reaching their 6-month mark, so the impact of that will also be seen in mid to late September!

Considering the Province is now in Stage 3, let’s not forget to focus on healthy eating and boosting your immune system through nutrition and supplementation.

If you follow me on Facebook, Instagram or see my WhatsApp stories, some of the items that I’ve researched and personally use are:

Mushroom Complex, Zinc, Vitamin C, Vitamin D, Echinacea, Elderberry Extract, Cold FX (or similar ginseng extract based supplement).

Avoid excess: Sugars, Alcohol, Caffeine, Processed meat

Habit changes: Ensure enough sleep, work on stress-relief & exercise 30 mins a day.

This is not to be construed as medical advice; however, this is based on personal research.  This does NOT cure COVID-19, however may help you fight through it better than if you were immunocompromised.

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.

Stay safe & see you in September!  For past issues, visit: www.getrana.com/blog

Jay Rana
Sellers: Your Home Sold GUARANTEED, Or I’ll Buy It!*
24HR FREE RECORDED MESSAGE: 1-844-834-7532 ID# 5672


Sales Representative, CENTURY 21 Titans Realty Inc. Brokerage
Real Estate Negotiation Expert, Real Estate Business Institute
www.getrana.com | jay@getrana.com | 647-930-1394 (direct) | 416-820-4504 (secondary)
 *conditions apply, please ask for details

 

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