TRREB’s October GTA Data.

Since July, Toronto real estate market has been on the upward trajectory – many sellers benefited from the pent up demand courtesy of the slow spring market.

TREB’s chief market analyst Jason Mercer expects this trend to continue all throughout the rest of 2020: “economic recovery in some sectors coupled with low borrowing costs has kept home purchases top-of-mind for many GTA residents. With this being said, we have not accounted for all of the pent-up demand that resulted from the spring downturn.”

But, Toronto Condo Market Has Slowed Down

All due to the reduced travel into the city thanks to Covid-19. Investors lost interest in their downtown core assets and dumped them on the market all at the same time. In October, there was 103% (more than double) new listings compare to last year.

Such an abundance of choice, coupled with reduced investor activity has resulted in a Sale to New Listings Ratio (SNLR) of 32% officially making the Toronto condo market a Buyers’ market. Finally, Toronto buyers are not faced with multiple offers and have some room to breathe when it comes to purchasing a property in the city.

Some sellers who had to put their listings on the market have been dropping prices significantly in order to accommodate their timelines in which they had to sell. Think about it, what if you bought a place and in order to close you would need to sell you condo. You list the condo, and quickly realize that the market has shifted. The clock is ticking and you must take some kind of action to accelerate the sale process of the condo. As a result, many sellers were forced to offer their properties at a lower price to undercut the competition.

Many savvy buyers have read this situation correctly and have been buying condos at fantastic discounts. Not all condos are listed at a lower price – you have to sit and look for them. Luckily, my job is to find my clients the best deals they can get their hands on and I have been sending out lists of discounted properties to all my database.

If you are looking to purchase a condo at a steal, contact me and let’s book a meeting to go over your options!