June 3, 2020
The housing market in Canada started to finally warm up again, after a long pause since the COVID-19 pandemic started. The predictions are overly optimistic according to the real state board, as long as the economy continues to re-open slowly and there are no set-backs.
According to Toronto Regional Real State Board, there are approximately 4,606 property sales in GTA, which represents less than half of the number of sales that were registered for the same period last year.
In mid-February when the lockdown started, it became extremely difficult for buyers and sellers to connect, since precaution measures were in place.
Even though the home sales market started improving again since May, it is going to take some time for the market to recover completely. The sales numbers for this month were below 7,256 sales registered in February before the pandemic.
The average selling price is $863,400 for all the homes that were sold across GTA last month. This is a slightly higher growth on a sequential and year-over-year basis.
Active listings dropped almost 43% year-over-year, and this happened as a result of a lingering descend of houses available in the market for purchase.
According to Jason Mercer, chief market analyst from Toronto Regional Real State Board, if the GTA continues to reopen gradually, the year-over-year price growth could continue, from now to summer months.
If you are looking to refinance or purchase a home over the next few month,contact us today at 877-296-2696 or email us by e-mail info@homemortgageadvice.ca.
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