All of the Covid based pent up demand for houses exploded in July as 11,081 homes sold in Toronto, a 29.5 % increase over July 2019 (8,555 sold).
The average home price for the year as of July 31 was $903,617, a 10.3% increase since December 31, 2019.
The number of homes available for sale (15,018) was down 16% compared to July 2019, and that represents about 1 month of inventory. In other words, there is literally no inventory!
For houses in the affordable range up to approximately 1.1M, we are in a Seller’s market.
An unexpected consequence of Covid has been the jump in cottage prices as with travel curtailed, people invested in recreational property and toys! Cottage demand and sales have skyrocketed.
Sales of houses will continue to be strong for the foreseeable future as high demand and lack of inventory continue to drive the market.
- The condo market in DT and MT Toronto is a different story, as well as pre-construction. I will address those in the next article.
- I developed few techniques to help my clients win in a multiple offer situation. Sure, the offers with fewer conditions and higher prices have a better chance of getting the property. However, there are some additional steps I take to make sure my clients have a chance of winning:
- I get my clients financially qualified so we know the budget and my clients are comfortable with financing.
- I do a proper Market analysis so my clients can see the true value of the home and have all the information to make a decision.
- I try to illuminate the competition, get the showing and submit the offer on the same day the property was listed.
- I communicate with the listing agent before submitting an offer and stay in close contact with the listing agent during the presentation so we can communicate quickly in case unforeseen circumstances occur.
- I make a lot of extra effort on my part, support my clients, keep positive, guide them in the process and fight for their house regardless of an hour of a day or a day of the week.
- I love my job and the happy clients are a huge satisfaction for me. That’s why my clients win!
If you have any questions or know of anyone interested in buying or selling, please give me a call, after all, you have a friend in real estate.