We like to keep our finger on the pulse of what is happening in the GTA so that we can be prepared for when those trends filter north and all the way to Georgian Bay.
The Toronto Region housing market recovered considerably in June following a significant slowdown due to COVID-19. As cases started to decline across the province and the economy began to open up, more buyers and sellers jumped off the sidelines and returned to the market, kickstarting sales recovery. Similarly, average home prices continued on a steady upward trajectory, lapping February 2020 levels. This is significant as February was the last full month before COVID-19 health and safety measures were introduced.
TREB noted there were 8,701 home sales across the Toronto Region in June – representing a striking 89% increase since May. Compared to February 2020, home sales across the Toronto Region grew 20%. New listings picked up across the region in June and exceeded June 2019 levels by 2%. New listing growth was significant on a m-o-m basis as well, with a 77% increase, and grew 52% since February.
So what does this mean for you? Based on the recent traction we are seeing in the market, although demand is not quite at pre-emergency levels, it certainly feels as though we are heading back in that direction. Inventory is growing again in the Southern Georgian Bay region and the demand for property is growly at a daily rate, especially as those looking to move north are selling their GTA properties.
Your best bet at staying informed is always to reach out to Adam, Eric or Kelly.