The Toronto real estate market experienced a very pleasant but unexpected jump in sales last month. Toronto real estate board members reported the sale of 4,606 homes which was only down 53.7% compared to the month before where the number of sales were down 67% from April 2019.
The biggest surprise came in the form of Toronto prices. Despite headline grabbing negativity about Toronto prices, Toronto average price increased by 3% from the previous month, and up 7.2% (now $878,449) over the 2019 average price of $819,305.
We are seeing the market coming off of its “pause” as people are getting back into the market and these results are a further indication of the high demand and desire for home ownership in the GTA.
We at Save Max have seen a consistent increase in the number of phone calls into our offices and requests for appointments on our properties, and our offices are now open, but with appropriate safety measures for our agents, our staff, and our clients. Being an essential business, it is incumbent upon us to operate in a very safety conscious way, with appropriate safety gear, virtual showings, virtual Open Houses, electronic document signing and minimizing direct exposure to each other.
Clients continue to ask me, “Is it a good time to buy or should I wait?” My answer has always been the same. “As the population of the GTA continues to grow, prices will continue to go up. Like the stock market, you cannot time the market. Find a good property that you and your family will enjoy. Find a good investment property you can rent out long term. Over time you will not make a mistake.”
It’s a great time to upgrade your property. It’s a great time to buy an investment property. Give me a call, let’s talk. If you know of someone thinking of buying and selling, please let me know.
Have a great June!
Have a great June!