The Toronto Real Estate Board’s most recent stats show that May 2020 prices are up 3% from May 2019. How is that possible when we have been in the middle of Covid-19 ? Simple answer: Supply and Demand. There has been an acute shortage of listings to the market (down 53.7%) during Covid-19. Not surprising as we have all been staying Safe At Home and Social Distancing. However, many of the Buyers who were in the market Pre-Covid are still in the market today and they have now been joined by a new pool of Buyers creating a large pent up demand for real estate in Toronto. In meetings with my colleagues they confirm that many houses and condos across Toronto are experiencing multiple offers with some listings going over the asking price. A quick glance at the daily solds on MLS reveals list to sale price ratios in the 98% range which is consistent with historical levels in Toronto. The psychology of Covid-19 on real estate in Toronto seems to be a heightened desire for homeownership. Record low interest rates have been another huge incentive for homebuyers. In the next few months as we gradually return to the new normal, the ratio of listings to buyers should create a more balanced market moving forward. #torontorealestate
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