Pandemic Makes Home Sales Sky Rocket
In the Greater Toronto Area, housing sales have sky rocketed and have caused competition in home sales. Many people are working from home and have re-considered their living arrangements and want change. Change that allows more living space and with interest rates being so low, it allows many families to make the move.
Home sales jumped 24.3% annually across the region with 8,766 transactions in November. Across the GTA, the aggregate average selling price — for detached, semi-detached, town homes and condos — climbed 13.3 % year over year to $955,615 last month, a $110,000 annual increase. As lockdown-weary consumers went searching for space, the real estate board noted that low interest rates likely helped make single-family homes more affordable. This showed the 905 condo market also outperformed Toronto’s in price, rising 4.8% to an average $533,984, compared to a three per cent drop in the city to $640,208. For the second consecutive month, the number of new condo listings was about double last year’s levels. Compared to November 2019, average prices were also rising more quickly in the suburbs than in the city's core, with detached home prices up 19.2%, townhouse prices up 14.9%. Many experts are saying that the real estate market will not be slowing down any time soon and once COVID restrictions come to a close we will start to see a resumption of population growth, both from immigration and a return of non-permanent residents. This will lead to an increase in demand for condominium apartments in the ownership and rental markets. If you are looking for a new home or wanting to know more about a specific regions market please reach out to us and we can provide professional insight on your questions.