Published July 16, 2020
Q: What’s Going on in the Toronto Real Estate Market?
Here’s what you need to know about Toronto real estate right now.
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I’ve recently been hearing this question from potential sellers: What’s the market like as we reopen after the pandemic? I have some great, helpful information to share today, from which we can all benefit.
The first thing we’re noticing is that the market is favoring sellers. We have 14,000 active listings in the Greater Toronto area, which is down by 28% from the same time last year. In terms of sales, however, we’re down only slightly by 1.4% lower than 2019. This means that sellers are enjoying an 11.9% price increase from last year. Sellers can take advantage of the higher price points, lower inventory, and low days on market.
"Inventory is down a whopping 28% from last year."
In terms of the buying environment, interest rates are relatively low. A one-year fixed-rate mortgage is starting at 3.1%, a 3-year rate at 3.4%, and a 5-year rate at 4.9%. These are some of the lowest rates we’ve ever seen, and you can take advantage of them as a buyer right now.
If you have any questions for me about the Toronto real estate market or real estate in general, don't hesitate to reach out via phone or email today. I look forward to hearing from you.
