Market Watch * Bricks and Mortar
The Real S. Taitt market continues to move at a strong and steady pace as we move into the Spring Market. Residential transactions were up by 52.5% since Feb 2020 and the average selling price was up by 14.9% since same time last year. We are constantly informed of record sale prices and land transactions by the local media. Ontario cities surrounding Toronto have seen an exponential increase as well. First time buyers are finding it tougher to enter the housing market in popular locations like; Guelph, Kitchener, Cambridge, London, Kingston and Ottawa. What does this all mean? That Real Estate is a great investment.
I anticipate we should see a healthy supply of properties hit the market after Easter. Therefore, this will help balance out the market and relieve some buyers from this hectic bidding war and bully offer scenario that we experienced in the 1st quarter. However, the price point will remain the decisive factor for competition between buyers. I am predicting a balanced market in the late spring and summer, so I am currently accepting applications from buyers who need assistance and are tired of bidding wars. The Toronto Real Estate market is highly competitive and having a professional to assist you in navigating through it, is essential.
If you asked me a few years ago where I thought the direction of bricks and mortar retail shopping was headed, I would have said, I feel like we are phasing out retail malls and eliminating the middle man, in search of convenience and profit. Today after experiencing isolation and so many lockdowns, I yearn for the days of walking into retail stores again, and being asked if I need assistance. On the anniversary of the lockdown, for me COVID has become less of a fear, and more of a pain… A relentless pain, which has transformed the way we live. Wearing masks and social distancing has arguably eliminated the common cold and flu. I think we are happier when we can share our germs, triumphs, failures and aspirations. Covid has reminded me that we are all very much connected and much closer than any of us realize. Hopefully, we will take less for granted and appreciate the small stuff a little more.