GTA Real Estate Market Watch – June 2020.
Published July 8th, 2020
Here's what happened in the GTA Real Estate Market last month June 2020
Price comparison to June 2019 (last year)
· Detached properties increased by 10.8%
· Semi-Detached properties increased by 11.9%
· Townhome properties increased by 9.8%
· Condo Apartments increased by 7.0%
Price comparison to May 2020 (last month)
· Detached properties jumped nicely by 8.3%
· Semi-Detached properties had a solid increase of 6.6%
· Townhome properties had a solid increase of 5.8%
· Condo Apartments jumped very slightly by 1%
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 12.8%
· Semi-Detached properties had a solid increase of 6.8%
· Townhome properties had a solid increase of 6.5%
· Condo Apartments surged by 8.5%
There was definitely some heated buying by those looking to get into the market before the CMHC changes took place on July 1st, which essentially would have reduced buying power by about 11-12% - however the combination of buyers in waiting from before COVID19 and lack of inventory further pushed the market higher.
The most surprising increase has been detached properties – whose average price is just under $1.2 million. From April (the lowest point of the year) till now, the appreciation has nearly doubled that of Semi’s and Towns – essentially giving us the impression that starter home sales are somewhat pulling back but the move-up homes are more in demand. One of the reasons for this may be that people are further moving away from close to the city and downtown and opting for properties out in the suburbs – considering that many companies are now taking on a more permanent remote-work (working from home via computer) model.
Properties were selling in multiple offers, almost as if COVID19 did not even happen! The only difference was that prior to COVID19, all types of properties were selling very quickly and for top dollar – including those that needed updates and renovations – however now the properties that are selling 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 – if you missed the July 1st deadline for the CMHC lending changes – not to worry, my mortgage specialists can help you keep that buying power and ensure that you can get your insured mortgage without it resulting in additional fees or reduced purchasing power – BUT – act now as it may disappear soon!
Like last month, am continuing with my COVID-19 safety PSA for readers, but with emphasis on the personal health and immune boosting aspect.
Although the media has almost been silent on it (it’s like they want to keep you sick), please 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 August! For past issues, visit: www.getrana.com/blog
Sellers: Your Home Sold GUARANTEED, Or I’ll Buy It!*
Sales Representative, CENTURY 21 Titans Realty Inc. Brokerage
Real Estate Negotiation Expert, Real Estate Business Institute
www.getrana.com | firstname.lastname@example.org | 647-930-1394 (direct) | 416-820-4504 (secondary)
*conditions apply, please ask for details