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August Market Report In Our Communities

A look back at August 2020 compared to July 2020 and why it’s a great time to list your Property for Sale.

What a great Summer we had on Georgian Bay, but where did it go? Let’s hope for some warm and sunny Fall weather over the coming weeks. As quickly as summer flew by, the housing market continued to gather pace too. 

The housing market has continued to rebound during Covid 19 and July saw large increases across the board compared year over year. This trend has continued into August and we’ve actually seen, on average a 18.3% raise in the amount of home sales in Midland, Penetanguishene, Tiny Township and Tay Township.

During August, buyers were flocking towards Tay Township where we saw a remarkable 285% increase in the number of homes sold compared to July. Tiny Township proved to be the most popular community among buyers as 39 sales were recorded in August.

It’s not just the amount of homes that has risen, house prices are also going up. The sale price of Homes in August 2020 has increased, on average 1.3% between Midland, Penetanguishene, Tiny and Tay. Although a modest increase across our communities combined, in Penetanguishene, we saw the average sale price rise 16.9% to $529,445 in August.

Whilst the number of homes and the sale price have both risen, we are still seeing a shortage of inventory on the market. Bearing in mind that despite there being fewer homes available, there has been an increase in Sale Price and Homes Sold – this means that it’s a GREAT time to list your property for sale.

Lower inventory and motivated buyers drives the prices of property up and right now, we have both in our community. Now is the perfect time to list your property for sale with For Sale On Georgian Bay.

Trust your local experts to guide you through the process and take advantage of the current market. Ask us about our FREE Home Market Analysis to determine exactly how much your Home is worth in today’s Market.

All data correct as of September 17, 2020, data gathered by the Ontario Collective based on August 2020 vs July 2020.

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Market Report In Our Communities

A look back at July 2020 compared to July 2019 and why it’s a great time to list your Property for Sale.

As those summer nights are slowly drawing shorter, we all start to look forward and plan the rest of the year. There’s lots going on, things are returning to normal more and more everyday, the kids will be going back to school before we know it.

Despite everything going on, the housing market has continued to rebound during Covid 19 and we’ve actually seen, on average a 28.9% raise in the amount of home sales in Midland, Penetanguishene, Tiny Township and Tay Township. Looking back at July 2019, there were significant raises across our area in the number of homes being sold in July 2020, Penetanguishene alone saw a 50% raise.

It’s not just the amount of homes that has risen, house prices are also going up. The sale price of Homes in July 2020 has increased, on average 25% between Midland, Penetanguishene, Tiny and Tay. Homes in Midland have risen to on average $493,539 as a final sale price.

Whilst the number of homes and the sale price have both risen, there has been a dramatic decrease for inventory in our Community at -39.6%. Bearing in mind that despite there being fewer homes available, there has been an increase in Sale Price and Homes Sold – this means that it’s a GREAT time to list your property for sale.

Lower inventory and motivated buyers drives the prices of property up and right now, we have both in our community. Now is the perfect time to list your property for sale with For Sale On Georgian Bay.

Trust your local experts to guide you through the process and take advantage of the current market. Ask us about our FREE Home Market Analysis to determine exactly how much your Home is worth in today’s Market.

All data correct as of August 2, 2020, data gathered by the Ontario Collective based on July 2019 vs July 2020.

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Toronto Home Prices In June Exceed Pre Covid Levels

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.

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Changes To Insurance Criteria, Starting July 1st

On Thursday, June 4 2020, Canada Mortgage and Housing Corporation (CMHC) announced new, tighter mortgage borrowing criteria that will apply to all insurance applications beginning July 1, 2020. CMHC is Canada’s largest mortgage insurer and offers mortgage default insurance to property buyers to ensure lenders are protected in the event that borrowers fail to pay their mortgages. Mortgage default insurance is mandatory for high ratio mortgages, which are mortgages where the down payment is between 5% and 19.99%.  

CMHC cited the impact of COVID on several sectors of the economy and its recent 12 month forecast on home price declines as the key factors in its decision to change its underwriting criteria. According to CMHC President and CEO, Evan Siddall, these changes will “protect home buyers, reduce government and taxpayer risk and support the stability of housing markets while curtailing excessive demand and unsustainable house price growth.” 

So what does this mean for you? It means that an applicant must now have Higher Credit Scores, Lower Debt Service Ratios, and Limit Down Payments from Non-Traditional Sources.

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Selling Your Home During Covid-19

Recently, Real Estate was deemed an essential service by the government… Shelter is a necessity for people. Many sellers have decided to wait until this pandemic has died down. However, we know that often, selling a home is something that can not be delayed; whether it is because you have already purchased another home, a job transfer, changes in the family or some other reason.

“However, we know that often, selling a home is something that can not be delayed”

If you need to sell your home during covid-19, Eric, Adam and Kelly at ForSaleOnGeorgianBay.ca are here for you. We are doing things digitally and remotely as much as possible. Our professional photos, and video tours will keep in-person showings to a minimum, (to only serious pre-approved buyers). REALTORS® who show homes now are following protocols mandated by the Southern Georgian Bay Real Estate Association.

We’re doing things a little differently right now…

If you would like to WAIT to list your house we can help you with that too. We are happy to do pre-listing consultations, and let you know the steps you should take when you are considering selling.

Fill out the form below and we’ll get back to you to arrange a virtual meeting.

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