Sold History

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Forest Hill Real Estate Inc., Brokerage*

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647-787-8979
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905-695-6195
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Summer is acting like spring buying



 
 
Buyers are looking for the right home that meets their needs
 
There were 2,634 active listings in Toronto in January 2020, in May active listings soared to 3,312. A 25% increase in inventory for all types of residential properties. The Toronto real estate board is yet to release numbers for June. However, from day to day activity, as an agent, we can already see the trend towards a more balanced market. Inventory has increased, creating more choices for buyers, a market we have not seen in a long time. Buyers are welcoming this change as they look to find the perfect home for their lifestyle. 
 
Millennials looking for entry point 
 
As the largest living generation in North America, millennials are impacting the real estate market. Their values and approach to work-life balance is driving them towards buying condos. This is a major shift from previous generations that saw house ownership as a life goal. There were 1,409 active condos in January and increased to 2,639 in May, almost an  87 % increase in inventory! If you are looking for an entry point, this maybe the best time to do so. There are appealing low interest rates now in effect and truly there has not been a better time to enter as a millennial. 
 
 
Sellers forestalling & remodelling but no panic among Home Sellers
 
Smart Home Sellers understand that Buyers want a ‘turnkey’ property where they can simply move in and start to enjoy living in their new home. This makes sense since most Buyers have typically put most of their financial power into a down payment. Most Buyers do not have large reserves of cash available to start putting more money back into their property on major upgrades or renovations. Sellers have now started remodeling their home with the idea of increasing the value of their property when it comes time to sell. This is a win-win scenario for both the Sellers and Buyers! Sellers reap the benefits when remodeling and buyers receive a ‘turnkey’ property without the additional cost.  
 
 
Summer is acting like spring buying
 
Traditionally speaking, spring is the most popular time for housing activity, but because of the pandemic, summer is looking like it will be just as active. There were 2,762 sales in March, but in May there was a decrease of 1,491 sales. As of June, we are already at 1,965 sales for the month of June. The sales activity has increased 30% thus far not including June numbers.
 
TorontoMLS Historic Residential Charts
 
QUARTERLY
 
 
 
Source: Toronto Real Estate Board
 
 
Interest Rates
 
The Bank of Canada has maintained its rate at 0.25 per cent, here is a quick update on rates some of our lenders offer:
 
2.35% = 5 Year Variable Rate 
 
2.24% to 2.54% = 5 Year Fixed Terms  
 
2.79% = 10 Year Fixed Terms
 
INSURABLE PURCHASE
2.54% - 5 Year Fixed Terms
 
REFINANCE
2.54% - 5 Year Fixed Terms 
 
SWITCH/TRANSFER
2.29% to 2.54% = 5 Year Fixed Terms 
 
Toronto Real Estate Sold Prices and Home Search

Toronto sold prices and listing data, sold history, property evaluation services & days on the market information.

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www.soldhistory.ca

 
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