I finally get a bit a breather now that the dust has settled from the frenzy and excitement of restaurants reopening, summer day-camps starting and of course, the busy real estate market.
Summer slowdown has arrived (and I’m going camping this weekend) but is life –and real estate — returning back to normal?
Recent headlines claim, “Waning housing market dims…” (Globe & Mail) and “GTA housing market gradually cooling” (Toronto Sun).
Could this be true? Or are headlines saying that the market is “Hot, Hot Hot!” is no longer catching a reader’s attention anymore.
Reality is, buyers who are actively looking now are still faced with aggressive bidding wars. We’re not seeing as many 10+ offers (more like 3-5) but the buyers who are house-hunting right now are more serious – choosing to bid on a home over a beer by the lake for the evening.
What is normalizing is the rental market. The number of rentals has been on a steady decline. Just to give you an idea, On January 27 2021, there were 10,760 properties available for rent on the MLS. Today there are only 5,379 properties available — half of the rental inventory has been absorbed over the past 6 months.
However, my inclination is that this is just another calm before another storm: As housing supply & interest rates remain low, the US border opens August 9th, and as Canada welcomes of over a million immigrants over the next 3 years, this is a perfect recipe for another interesting time in Real Estate.
Normal yet? It will be normal again when I will hopefully be able to meet you at one of my open houses and shake your hand once again.
Toronto Stats this Past week
MLS activity from July 21 to 27 for residential properties:
Compare the above to the week before from July 14 to 20 when there were
5,409 for sale, 954 newly listed, 415 sold & 5,700 for rent.
Today’s newest listings
TORONTO HOUSES FOR SALE
|Under $950k||$950k to $1.2M||$1.2M to $1.6M|
|$1.6M to $2M||$2M to 3M||Over $3M|
TORONTO CONDOS FOR SALE
|Under $500k||$500k to $600k||$600k to $700k|
|$700k to $800k||$800k to $1M||Over $1M|
|GTA Fixer Uppers||Ontario Foreclosures||Map Search|
(Email or call me directly for specific sold or off-market properties)
If you would like me to look up any other numbers for you, just call or text me 647-804-8601. Let me know how I can help with your (RE)search.