In November the market continued to be on fire with the exception of condos in the City of Toronto.  The current real estate activity is a reflection of the pent-up demand that exists in the GTA plus a short supply of homes for sale which has placed upward pressure on home prices. 
 
The demand for single-family homes continued to be very strong as home buyers continue to take advantage of record-low borrowing costs.
 
The average home price was $955,615 which is up by 13.3% compared to November 2019.  Condo prices are down by -2% but this is driven primarily by condos in the City of Toronto, condos in outlying areas actually saw a price increase on average of 4.8% compared to November 2019.


 
Singe detached homes continue to experience the highest price increases as families are now working for home and feel they need more space.

Earlier this year we heard rumblings that the housing market would crash but that definitely hasn’t been the case.  The 2021 forecast is that home prices will continue to increase. 

Where is the Opportunity in This Hot Housing Market?

 
I believe the condo market in the City of Toronto will also bounce back once we get through the pandemic.  The current situation is not an economic crisis but a pandemic crisis and we continue to experience low housing stock in Ontario plus interest rates aren’t expected to increase any time soon.  In addition, the federal government recently announced that there will be 1.2M new immigrants coming to Canada over the next 3 years which will continue to drive up demand for housing.

Once everyone returns to a more normal working routine, tourism opens up and universities go back to having students in classrooms we will see the condo market bounce back.

I believe that the condo market in the City of Toronto has created a perfect opportunity for first-time buyers, anyone wanting to downsize, and investors.   Prior to the pandemic, the condo market in the City of Toronto was unbelievably hot and condos were quite often selling in bidding wars.

If you have any questions related to what is happening in your community or have any questions reach out.