Toronto Real Estate Report August 2020

Toronto stays strong …in every way!

Firstly,I would like to thank everyone who supported our ride to Collingwood on July 24th.We raised over $15,500 and its still not to late to support the km4kids cause.

All of the Covid based pent up demand for homes exploded in July as 11,081 homes sold in Toronto , a 29.5 % increase over July 2019 (8,555 solds) . The average home price for the year as of July 31 was $903,617, a 10.3% increase since December 31 2019. The number of homes available for sale (15,018) was down 16% compared to July 2019, and that represents about 1 month of inventory. Condo sales were sluggish from Mid March through Mid June,But have picked up as well and resumed where they left off.

Another unexpected consequence of Covid has been the jump in cottage prices, as with travel curtailed, people invested in recreational property and toys! Boat and Jet ski sales have skyrocketed! Sales of most types of property will continue to be strong for the foreseeable future as high demand and lack of inventory continue to drive the market.

One of the results of this lack of inventory is having to bid for a property in a multiple offer situation.There are strategies that can help be the final offer at the table and secure the property.

In a multiple offer situation, the offers with fewer conditions have a better chance of getting the property. Here are some steps I take to make sure my clients have a better chance of winning:

  • I get my clients financially qualified so we do not need a financing condition.
  • We pre inspect the home prior to an offer so that eliminates another condition.
  • I do a proper Market analysis so my clients can see the true value of the home.
  • We get a certified check, yes its extra work, but the Sellers and the other agent sees the seriousness of our offer.
  • We stay in close contact during the presentation so we can communicate quickly in case unforeseen circumstances occur.

If you have any questions, or know of anyone interested in buying or selling, please give me a call.

Have a great August,Enjoy the Summer heat!

TRREB Market Watch – JulY 2020

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