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No one has a crystal ball!

July 11, 2020 8:31 pm Published by

but, Real Estate data can point us in the right direction. Covid-19 really made a mess of people’s plans to buy and sell property during the spring market. The spring market is the busiest time of year for Real Estate. Now that Toronto is slowly reopening, the Real Estate Market is picking up steam! Overall listings year over year are down for freehold houses and condos. What happens when you have less supply on the market? There is more demand for the properties that are on the market! June stats show year over year prices have escalated. Has Covid-19 affected the Real Estate market? It has in a big way and the entire reality of Covid-19 has not been fully played out. The alarming part of these stats are lease listings. As I write this newsletter there are over 5700 condo units for lease in the downtown core. Usually at this time of year it is generally around 1000-1200 available leases in the downtown core. When there is over supply, prices come down. This is happening to the leasing market. Many of these condos are small investors owning a single investment property. How long can landlords go without having a tenant to help pay the mortgage, taxes and maintenance fees? This will be the big question in the coming months. International students and professionals make up a big portion of the rental market in Toronto, if they do not come back into the city within a reasonable amount of time will these landlords decide to sell their investment properties? No one owns a crystal ball but the possibility of more condo listings for sale coming to market in the near future is a good possibility. If you are thinking of buying please contact me and I can help you get to the finish line. If you are planning on selling please contact me because you need to have a maximized plan to sell.