TRREB’s November GTA Data.

Toronto real estate market has been going fast and strong despite the strict lockdown imposed by the government on the City of Toronto and Peel region due to the Covid-19 pandemic. Both the prices and the sales activity are up again in November annually, and both in double digits.

The low borrowing cost is definitely playing a major role here. But the news about the covid-19 vaccine is boosting the confidence on the market as well.

Despite the closed restaurants and bars, cancelled holiday celebrations and empty streets – the market has been operating in full swing. It’s very common to see a notepad-wielding realtor walking his clients to and from properties, almost like during the pre-covid times.

Golden Opportunity To Buy A Condo Downtown Toronto

I will say this again, opportunities like this don’t turn up often at all. Toronto being a buyers market for condos? Where there is no bidding wars? Where units stay on the market for weeks, instead of selling in hours? Where a buyer can actually negotiate on price? It’s unheard of and it also won’t stay this way for too long either.

Let’s take a look at 2 previous months:

October – Sales were up 2% and the prices increased by 1% year over year.

November – Sales increased 7% and prices dipped 2% since last year.

The trend looks like the increased sales activity was caused by the dropping prices on condos.

On top of that, the news about the vaccine reaching the country earlier than anticipated, is definitely a morale boosting information piece for the buyers. Not only that it increases confidence, it also serves as a time constraint. Until the talk about the vaccine started, some of the discounted deals could stay on the market for an indefinite amount of time, the buyers could always come back to it if they wanted it. Things change once people start getting vaccinated. Vaccination means that soon things will get back to normal, and once they go back to normal there will be no more deals left on the market.

Jason Mercer, TRREB Chief Market Analyst, says: “condominium apartment market is certainly more balanced than in previous years, with some buyers benefiting from lower selling prices compared to last year. However, this may be somewhat of a short-term phenomenon. Once we move into the post-COVID period, 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.”

In other words, yes, you can still buy a condo with a deep discount now, but you definitely running out of time to get your hands on the best deals seen in the Toronto market for many years.

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.