Oct 2020
I hope you are enjoying the fall season and staying healthy as we all navigate the through the pandemic. Here’s a brief update on the residential real estate market.
The economic recovery in some sectors coupled with low borrowing costs has kept home purchases top-of-mind for many GTA residents.
With this being said, we have not accounted for all of the pent-up demand that resulted from the spring downturn.
In major city centers like Toronto and Mississauga we have seen the demand and prices of resale condominiums begin to flatten out.
In Toronto prices were only up slightly for the month, just under 1% with the volume of trades down almost 9%.
Mississauga saw prices go up slightly for condominiums by just over 2% with demand sliding down almost 5% compared to the same period last year.
The demand for real estate in these areas has drastically increased due to the affordability of the real estate, approximately $865,000 in Brampton and $740,000 in Durham Region
Condominiums have been appreciating at an average of 6% a year for a long time and many sellers are looking to cash out as the demand for rental units declines.
The demand for new condominiums has remained steady as more and more developers have launched their projects before the end of the year.
If you have any questions about purchasing new construction or simply investing in real estate
Please never hesitate to reach out should you have any questions....