MARKET WATCH *TOP 100!
The 2021 Real S. Taitt market is off to a robust start. Right out of the gate we have experienced a high demand for all types of dwellings. The condo market has made a strong comeback in the last two weeks, leaving all of those bargains and buying opportunities on the cutting room floor.
Traditionally, the first quarter is always the best time to sell, as the supply of suitable homes for buyers is in short supply. Arguably it’s the best time to list, however, most sellers wait until their flowers come out so potential buyers get the true feel of the home. Great idea however, if your home has any adverse influences you will feel it in your pocket book, as competition is fierce in the spring.
Some factors which can justify this insane 1st quarter market are;
- The Bank of Canada and Federal Government have ensured Canadians that the mortgage rates will remain near historic lows through much of the coming year and possibly beyond.
- The mortgage deferral program is winding down with overall minimal foreclosures, therefore, the mortgage market will remain strong as lenders are able to extend credit and lend at these record low rates.
- As Frontline Healthcare workers became the first recipients of the vaccine across the globe, optimism has been raised to hopefully see the end of the pandemic in the near future. Therefore, we expect to see continued strong activity in the Real Estate market this year.
2020 was poised to be a banner year in Real Estate but the Covid 19 pandemic slowed that down substantially. I anticipate a healthier supply of homes for sale in the spring of 2021 which will relieve some of the pressure for people looking to get into the housing market or upgrade/downgrade to a larger or smaller home respectively. Here is a great report of the Year in Review and Market Outlook for 2021.
If you have any questions or simply wondering what your home might be worth, reach out and send me a text, email or even a call. I’m always honoured and delighted to hear from you and the clients you refer.
GTA REALTORS® RELEASE JANUARY 2021 STATS
• January 2021 home sales amounted to 6,928 – up by more than 50 per cent compared to January 2020. This strong start to 2021 included sales growth across all major segments including condominium apartments, both in the City of Toronto and surrounding GTA regions.
• New listings were also up on a year-over-year basis in January, but not by the same annual rate as sales. This means market conditions tightened compared to January 2020, resulting in the continuation of double-digit growth in the MLS® Home Price Index and the average selling price.
• The average selling price for January 2021 was up by 15.5 per cent to $967,885 year-over-year. The MLS® HPI Composite Benchmark was up by 11.9 per cent over the same period.
• Price growth was driven by the low-rise market segments, while the average condo apartment price was down in Toronto. However, if we continue to see condo sales growth outstrip condo listings growth, we could start to see renewed growth in condo prices later this year.
TOP 100 LIST at REMAX HALLMARK
A very special thank you to my clients for giving me the opportunity to work with them in 2020 and in the past.. Your trust and support has given me the chance to align myself with the very best in our company. I’m number 97 on the list by the way. Although 2020 was filled with uncertainty and fear, it was also a year which has brought us closer together. The global pandemic, the murder of George Floyd and the USA election, kept us all on our toes and best behaviour. For me personally, to see so many people from all races protest against racial injustice, is something I never thought I would see in my lifetime.. It has filled me with hope for a better tomorrow and a good reminder that change will come. Today I am grateful to live in CANADA, the greatest country in the world. Things have changed a lot in my lifetime and I feel my children will have more opportunities, more understanding and more awareness moving forward. THANK YOU for playing a part in my SUCCESS.