A house in Toronto sold for 167% over the asking price. How is this possible during one of the worst economic conditions in years? Learn how the Toronto real estate market is trending and catch the latest highlights. Weekly updates! Average home prices, sales volumes, new and cancelled listings. All real estate-related news is talked about to stay current with the market trends.

Thanks for watching this episode of the Weekly Toronto Real Estate Market Update #026

Please SUBSCRIBE and LIKE this video if you gained value from it and learned something new.

————

Toronto, Ottawa and Peel Region will be rolling back to Stage 2-style restrictions since COVID-19 cases are climbing back up. As a result, several parts of Toronto are in a Buyer’s Market, so as a seller you want to avoid that. When you see articles that essentially say the market down because inventory is up, then that’s a good time to be a buyer in the market, and selling during that time means more competition and likely lowered market values. So ideally, you want to hold off selling your home if you can.

Two weeks ago, freehold homes in Toronto sold for an average price of $1,346,000, which is down 8% from the previous week. You’ll notice that home prices are trending down, and I’ll tell you exactly why that is in a few moments, and you’ll also notice that home prices have been mostly higher than what they were last year except during the early months of the pandemic when home prices fell by 27%.

Even though home prices tanked during April, Toronto homeowners regained confidence as the market started to pick up rather quickly.

The average condo price came down 2% from the previous week, but is still higher than the overall average this year at $708,000. Condo prices are back to where they were before the pandemic impacted the Toronto condo market.

It’s possible that market prices will fall sometime before the end of the year, especially now that we’re in a second wave of the coronavirus which is speculated to be a lot worse than the first wave.

Home sales have been trending up since June, but came down 3% from the previous week with 444 homes that sold.

Condo sales on the other hand have been floating around the same average for the past few months with 409 that sold, down 11% from the previous week, which is also around the same number of sales we saw this time last year.

Last week, another 838 homes were listed for sale on MLS. It’s pretty clear that home inventory has skyrocketed at 40% higher than the peak of new listings we saw coming out before the pandemic. The number of freehold listings in Toronto remained unchanged despite the new listings that came out with current inventory at 2,749 homes for sale.

Last week, 1,300 condos were listed, making a total of 6,330 condos for sale right now. Condo inventory has gone up by 21% in just 5 weeks, but a lot of sellers are finding it difficult selling their condos at this time, which also explains why cancelled listings are up. 643 listings were cancelled, and in that number there’s likely a high number of sellers who are re-listing at lower prices.

————

Other Playlists:

Real Estate Education •    • Real Estate Education  
Pre-Construction Condos - Everything You Need to Know •    • Pre-Construction Condos - Everything ...  
Mortgage Education •    • Mortgage Education  
Weekly Market Update •    • Weekly Toronto Real Estate Market Upd...  

————

Follow me:

My website • https://www.fredericktam.com/
Facebook (@fredtamrealestate) •   / fredtamrealestate  
Instagram (@fredtamrealtor) •   / fredtamrealtor  
Google • https://goo.gl/maps/yswE7YVmG8C2

————

Tags:

#torontorealestate, #weeklymarketupdate, #realestateeducation, #weeklytorontorealestatemarketupdate, #realestatemarketupdate, #canadianrealestate

————

Disclaimers:

At the time of production, Fred Tam is a Real Estate Salesperson with Right at Home Realty Inc., Brokerage in Toronto, ON. Fred’s videos do not necessarily represent the views and/or opinions of RAH. The purpose of Fred’s videos are to educate you and help you make sense of the real estate process. If you have questions about home loans, real estate, taxes, finances, real estate law, insurance, professional trades, or any other services where you live, you are advised to reach out to the appropriate professional for further counsel about your own unique situation.