Despite it being a challenging economic time across the country, the demand for Toronto real estate remains strong. Although some momentum was lost during the lockdown in the spring, it turns out that buyers were simply biding their time and the real estate market in Toronto has been exceptionally busy over July and August.

In fact, August numbers revealed that sales in the GTA were up by 40% over August of last year according to the Toronto Real Estate Board. The average price was up too at $951,404 - more than a 20% gain over last year.  And while there is still very little supply, listings in August also went up by 57% over last year. 

The Condo Market

Within the condo market, we are seeing a mixed bag. Some properties are moving very quickly while others sit on the market. In downtown towers for example, where there tend to be a lot of short-term rentals, buyers seem to be holding off. The average time these units are staying on the market is about one month – much longer than usual. 

In boutique buildings located in residential neighbourhoods, however, the market is hot and some units are going at record prices. 

Activity in Toronto’s suburbs

Toronto residents leaving the downtown for the suburbs has been a trend for the last several years, but the COVID pandemic seems to be accelerating this. During the lockdown, many companies transitioned part or all of their workforce to working from home – and many are not returning to their offices any time soon. 
This is leading to increased demand outside the 416 area code. 

Recommendations for sellers

If you are considering selling your home or condo in the GTA, it is recommended that you list as soon as you can as there is currently a lot of pent up demand without enough supply to fill that demand. 

There is still also concern that there may be a second wave of the coronavirus and if this happens, it could impact activity of the Toronto real estate market again as potential buyers who may fear job losses leave the market again. 

Although spring is typically the best time for the market, another wave of COVID could change this. 

Recommendations for buyers

Prices on Toronto real estate have soared over the last year, and the prospects for the fall suggest that they are now levelling off.  While prices, are not expected to go down anytime soon, this could still be a good time for buyers.

The main problem that buyers will face of course is the shortage of listings, so it is recommended they work with well-established real estate agents like Adelson & Weiss, who can help them secure the kind of property that they want. 

Contact Adelson and Weiss

Whether you are considering buying or selling in the Toronto area, it is important to work with real estate agents who know the local market and who can help you get the best deal. Contact Adelson and Weiss today to learn how we can help you.