TRREB’s January GTA Data.

Toronto real estate market has remained busy throughout the month of January and has started the year with low supply and high demand. January and February are notorious for the low supply of listings, while the demand keeps steady throughout the year in the city. So these 2 months are quite important as they set the pace for the rest of the year, as far as prices are concerned. In fact, some market segments have experienced price growth of over 30% year over year this January

With the vaccination rollout and record low interest rates, the sales activity increased 50% year over year. Personally, I have started shifting my attention on properties that are not on the market to get my clients through the door and potentially  put an offer before them being listed on MLS. It’s a lot more work, but competing against 30-40 offers is much harder.

Condos are in high demand again. Yet the prices are still very attractive.

Virtually all segments of the market are currently in the seller’s market zone (there are less new listings coming out than sales happening). Remember how just a couple of months ago you could take your time shopping for a condo? Well, it seems like the tables are turning in favor of the sellers again.

Multiple offers on condo listings are back, and since there was an 85% increase in sales activity, it shows a strong demand for condos again. With that said, since there is still a large supply of units, the prices in the city dipped 5%.

With news coming out about softening prices on condos and increasing demand for this market segment, it is not unreasonable to assume that this will motivate more buyers to use the situation to their advantage and continue shopping.

Another thing worth mentioning is that due to Covid, there are barely any foreign investors that are currently buying properties in Toronto. Once more of us get vaccinated and borders are open again, we are looking at surge in prices and demand for the inventory will drive condo prices back up. Add to that the return of foreign students and tourism into the city, and you got yourself an asset that will appreciate rather quickly if you bought it while the prices are still attractive.

Are you looking to make an investment or buy your first home in Toronto? Right now is the time. Let’s hop on a Zoom call and explore your options, hit me up here.