Covid-19 has reared its ugly head and is affecting all markets around the world. What the effect on the Toronto Real Estate market is yet to be fully realized as with all markets. At the time of writing, the state of emergency has just been declared which will surely have some negative pressure on the market, but we are business as normal for the most part currently. We are still having multiple offers and active showings but I expect this to slow as well as new listings as people engage in social distancing.
As investors and home owners, I urge you to remember that Toronto is a great city and your investments are long term. We will bounce back from any pull back in the market and prices will continue to go up....and thus far they still are. The metrics for continued growth are all there and the government has taken some additional steps to assist the market, such as lower the interest rates further.
I do foresee very aggressive price acceleration once Covid-19 is fully dealt with by either via vaccine or other remedy and the removal of pandemic status occurs. I also believe that this current status will not be a 2 week recess but rather a much longer and protracted period of concern and social distancing.
However, we are ready! We have very strong virtual marketing and new initiatives to sell property and assist our buyers as well, so those in need of taking action will be well serviced with successful outcomes from our team. Rest assured the real estate market will begin to accept and adapt to our new reality.
As always we are here to assist you in anyway and to be your consultants, advocates and "Realty Bodyguards". So call on us anytime and we would be happy to discuss, strategize and provide you our expert insights. Stay safe and be well! Gavin
Realty Stats: These are skewed as they are pre Covid-19 stats. Average selling price for all home types was up 16.7% year over year to an average $910,290. Sales were up 14.8% in February from January 2020.
Foodie Tip: Home recipe for long lasting stored goods. If you are sick of pasta with a tomato based sauce, here is a great recipe. All these items have super long shelf life. Ingredients: Pasta (I like linguine), canned sardines or anchovies, garlic, chili, parmesan cheese and bread crumbs. Method: Fry the garlic, anchovies/sardines and chili lightly and then add al dente pasta to it. Add bread crumbs and parmesan cheese. Ladle in pasta water as needed to loosen it up. Mangia!