By: Gavin Chen

JULY 2020

Tags: 2020 NEWSLETTER, ROYAL LEPAGE TERREQUITY BESPOKE REALTY, GAVIN CHEN, THE GAVIN CHEN TEAM, TORONTO REAL ESTATE, OAKVILLE REAL ESTATE, MISSISSAUGA REAL ESTATE

I hope you’re enjoying the summer so far.

Things are slowly starting to get better and it’s encouraging to know that our collective efforts over the past few months are paying off.  While we’re not out of the woods yet, we are seeing progress.

As things continue to improve, you might have some questions about the local real estate market.  Are homes selling?  Where are prices right now?  What’s the selling process given the restrictions still in place. How are people shopping for new homes?

Getting answers to these questions is crucial if you plan to move this summer or fall.  But, even if it’s just for curiosity, it’s always good to stay up to date on what’s happening in the real estate market.

I can help.

I have the latest information and data and can provide you with the answers and advice you need.  So, when you have questions, please feel free to reach out to me.  I'm happy to help.

Realty Stats:  As predicted the market is off to the races!  My prediction is that we are a couple weeks into the run up in pricing I previously spoke of.  How long it lasts is the question?  Still a great time to get into the market and take advantage of the upward trajectory of pricing, although prepare for competition.

Reach out if you want to know how to win properties!  We have multiple strategies and techniques that position us to win in this market.

Sales are up 89% from May 2020.  Average home prices are up 11.9% compared with June 2019.  Detached and semi-detached homes are outpacing the rest of the market being up annually 22% and 14.3% respectively.  There is a movement to larger properties and homes, 905 area and freehold over condos due to Covid and the lockdown.  People want space!

Rental market is a tough market for landlords right now as there are tons of inventory and less renters.  Prices in the GTA have come down and we are finding generally the fastest properties to lease are approximately 10% below pre-Covid pricing. 

Foodie Tip:  Support your local restaurants!  Go buy some takeout from your local.  Think long term...we want our faves to still be around and times are hard for restaurateurs!