MARKET WATCH * With Feeling
The Real S. Taitt market is thriving during the pandemic, adversely the hospitality, restaurant and entertainment industries are suffering and they need our support. Since going out in public is less of an option these days, the reality of being isolated at home has caused people to pay special attention to where they live.
The idea of shared common elements has lost its appeal and is being swapped for more space. Hence the decline in the condo market and the increased demand for detached homes. “Competition between buyers of single-family homes, and particularly detached houses, remained strong last month and continued to support double digit annual rates of price growth in many GTA neighbourhoods.” Lisa Patel, TRREB President.
I have embarked on another great partnership which helps and feeds over 1,100 youth annually. SKETCH engages homeless and marginalized youth through the arts. Our programs have been recognized locally, provincially, and nationally. In 2019 our participant numbers surpassed 1,000.Working with SKETCH during this time feels even more rewarding than in the past, as we have a goal in mind. SKETCH is currently embarking on a new capital campaign which will ensure them around for many years to come to serve marginalized and homeless youth in our city. Click here to find out how you can be a part of SKETCH too.
Another Remembrance Day has come and gone. It is imperative that we all remember the sacrifices that were made for us long ago, so that we enjoy these freedoms today. The soldiers who gave their life did not have the opportunity to populate the earth with their children. I have come to learn that good people attract good people, therefore we have lost many great people. Great men and women who believed in freedom and democracy. At the end of WW1 in 1918, was our last pandemic so let’s keep things in perspective, as they had less science and no internet.
The success of democracy relies on the peaceful transition of power. Let’s hope that the current president of the United States makes way for a smooth transition for the new president elect. Moving forward, the election results are a good indicator of the direction and climate of peoples attitudes and expectations for America.
This month we’re supporting a great charity, Sketch, which helps homeless youth cope with homelessness and poverty through the arts. As renting studio space will very soon be too costly, Sketch is currently raising funds to acquire their own building. Click here to know more about how you can help them continue to make a difference in kids’ lives.
Home sales in the Greater Toronto Area (GTA) were up again year-over-year for the fourth month in a row. Our Members made 10,563 sales as reported through the Toronto Regional Real Estate Board’s MLS® System in October 2020. This was up by 25.1 per cent compared to 8,445 transactions in October 2019.
Sales and new listings reached record levels for the month of October. However, year-over-year growth rates for sales and new listings diverged in some market segments. In the detached market segment, the pace of annual sales growth far outstripped growth in new listings. Conversely, the condominium apartment market segment experienced more than double the new listings compared to October 2019, whereas sales were only up by 2.2 per cent over the same period.
“Competition between buyers of single-family homes, and particularly detached houses, remained strong last month and continued to support double-digit annual rates of price growth in many GTA neighbourhoods. In contrast, condo buyers have benefitted from much more choice compared to last year. Pre-COVID polling had already pointed to an increase in investor selling in 2020. The pandemic only added to this trend with a stall in economic growth and a halt to tourism impacting cashflows for many investors,” said Lisa Patel, TRREB’s President.
The MLS® HPI Composite Benchmark was up by 10.8 per cent on a year-over-year basis in October 2020. The average selling price for all home types combined was $968,318 – up by 13.7 per cent compared to $851,877 in October 2019.
“Year-to-date home sales through October were above last year’s level. The economic recovery in some sectors coupled with low borrowing costs has kept home purchases top-of-mind for many GTA residents. With this being said, we have not accounted for all of the pent-up demand that resulted from the spring downturn. Expect record or near-record home sales for the remainder of 2020,” said Jason Mercer, TRREB’s Chief Market Analyst.