There are numerous factors at play that can affect the sale of your home, but for a potential buyer, it essentially all comes down to convenience and appeal. If you are preparing to list your home, you are in luck! Spring has arrived – bringing with it optimal conditions that will give your house a leg up when it comes time to sell.
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.
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.
Despite an unprecedented year due to COVID-19, including necessary public health restrictions and uncertainty surrounding the economy, Greater Toronto Area REALTORS® reported over 95,000 home sales in 2020 – the third-best result on record. The average selling price reached a new record of almost $930,000.
If you are a Canadian business in need of COVID-19 financial assistance, the following document provides a current overview of federal programs that may help your business and/or employees during this difficult time. This information was compiled by the Canadian Real Estate Association (CREA).