November 2020: Update on the GTA Housing Market
Low borrowing costs and economic recovery in certain sectors are keeping Toronto’s home sales hot through the pandemic. The real estate market is showing no signs of cooling down with the weather, with home sales up significantly from this time last year.
A report from the Toronto Regional Real Estate Board shows they were up again year-over-year for the fourth month in a row this last October. The market for detached homes is also robust, with the pace of detached annual sales growth surpassing the growth in new listings.
“Competition between buyers of single-family homes, and particularly detached houses, remained strong last month and continued to support double-digit annual rates of price growth in many GTA neighbourhoods,” said Lisa Patel, Toronto Regional Real Estate Board President.
If you’re a realtor who has a client looking for a detached home, check out our current projects. We’re proud to focus on pre-construction – builder direct representation, development land management, and investment property management.
The increase in home sales can be pinpointed to two specific reasons, said Jason Mercer, Toronto Regional Real Estate Board Chief Market Analyst.
“The economic recovery in some sectors, coupled with low borrowing costs has kept home purchases top-of-mind for many (Greater Toronto Area) GTA residents,” Mercer said. It’s a trend that’s expected to continue for at least the remainder of the year. They have yet to account for all the pent-up demand that resulted from the spring downturn.
Looking further into the future and beyond COVID-19, the high demand is expected to continue. Immigration targets set by the federal government are above 400,000 people for each of the next three years – and Toronto is expected to continue to benefit from the coming population growth.
It’s the perfect time to take advantage of the array of options we offer – check out our new home pre-construction opportunities today.
We offer four different and equally exciting options. Central – 26 single detached homes with full elevators and 10’ ceilings, central to everywhere you want to be. Enclave II – modern townhomes in the heart of Woodbridge, now 60% sold, but with many ravine and urban models still available. Ultra Towns – inventory units available for move-in now, with over $40,000 of upgrades in every unit. And Old Barber House – single, semi’s & townhomes, with elevators included and now 60% sold.
Visit our website today to learn more, or contact us at firstname.lastname@example.org.