Back to Normal?
At first glance, one could be forgiven for looking at the TRREB* sales and listing stats from August and thinking that everything has returned to the same-old, same-old; Sales Prices Up Year-over-Year Again, Demand is Outsriping Supply, It is a Sellers’ Market,…
Indeed the momentum in sales, prices, listings and activity has continued to build on the monthly statistics since the low-water mark of April 2020. The pent-up demand created during the spring lockdown shifted by a couple of months and participants in the residential market have been making up for lost time in a BIG way.
However, if you dive a little deeper into the numbers, you can see some unique trends that can specifically be related to the pandemic/covid.
We are seeing trends such as:
- Buyers willing to purchase homes outside the city as proximity to their workplace is no longer a major factor in household decision making.
- Buyers seeking houses with private outdoor space/land
- Buyers seeking more “home” to create home offices and accommodate more family members spending more time together in the household.
- Buyers and Sellers are making major “lifestyle” changes.
- Less desire to be in a condo, especially if it has no outside space.
- More condo listings as investors get out of the market
- Downward price pressure on rental condos
So, although the headlines look like things returning to the same old, there are many undercurrents affected the residential real estate marketplace due to the pandemic. The key is staying on top of (and “in front of”) these trends, if possible.
*we are now known as the “Toronto Regional Real Estate Board” to reflect the fact that our MLS(R) system servers most of the surrounding communities to Toronto)