Home sales in the Greater Toronto Area (GTA) set a new record for April and amounted to more than quadruple that from April 2020 – the first full month of the pandemic. Bucking the regular seasonal trend, April 2021 sales actually declined month-over-month. A similar trend was noted for the number of new listings reported.
For the third straight month of 2021, record home sales continued in March across the Greater Toronto Area (GTA) with buyers taking advantage of favourable borrowing costs and continued improvement in many sectors of the economy.
The housing market in early 2020 was negatively impacted with the COVID-19 lockdown. Since restrictions have loosened somewhat, we have currently seen a bounce back to a typical spring-like housing market.
During the pandemic, travel has been limited and people have been forced to cancel their vacations. As restrictions further loosen up, there will likely be an upsurge in interest for vacation properties. Many home buyers are searching for a domestic escape. In addition, people’s work arrangements have also been changing. A portion of the workforce is now working comfortably from home. Many employers are also giving their employees the option to work from home permanently, which has prompted home buyers to reassess their living conditions. The idea of having a home as a place to work and to relax has become more of a reality.
Record home sales in the Greater Toronto Area (GTA) continued in February as buyers remained confident in their employment situations and took advantage of ultra-low borrowing costs. With multiple buyers continuing to compete for many available listings, double-digit annual price growth was the norm throughout the GTA, with stronger rates of growth in the suburbs surrounding the City of Toronto.
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January 2021 home sales amounted to 6,928 – up by more than 50 per cent compared to January 2020. This strong start to 2021 included sales growth across all major segments including condominium apartments, both in the City of Toronto and surrounding GTA regions.
Why do people decide to move? Unless due to a requirement (such as a major job relocation), research tells us that many homeowners may decide to sell at some point for one (or more) of the following 3 reasons:
I recently received an inquiry from someone interested in purchasing a vacation property in Florida that I’d like to share. Many of the suggestions I’ve outlined below are a great starting point for those of you looking to become Snowbirds.
Just updated my new vignette video. I’m ready for when those borders open again. Come on Covid-19 go away! We have had enough already. Who else is thinking of sunshine and beaches? When the time comes, I can help you find that dream vacation home. Until then, stay safe and stay home everyone.
James Skenderis, Broker with Right at Home Realty Inc. Brokerage has been awarded the Accredited Buyer’s Representative (ABR®) designation by the Real Estate Buyer’s Agent Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS® (NAR).
James joins more than 27,000 real estate professionals in North America who have earned the ABR® designation.