Todor  Todorov

Todor Todorov

Broker

Right at Home Realty, Brokerage*

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416-837-7634
Office:
905-565-9200
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The best time to buy a house is TODAY

The housing market in Toronto has reached new heights too after the global pandemic took its toll on office workers and real estate investors. As stated in a November report by the Toronto Regional Real Estate Board (TRREB), home sales in the GTA were up more than they ever have been for four consecutive months. In October alone, TRREB members reported 10,563 home sales compared to 8,445 in October 2019. The average price for all types of homes combined reached $968,318, an increase of 13.7 per cent from the same time last year. The demand for single-family housing in the GTA has drastically increased, so bidding wars are being taken to a whole new level. Supply is low and first-time buyers are getting outbid.

The condo market in Toronto has seen records being broken too. As the Toronto residential housing market has been doing really well, condos haven't necessarily seen the same light, particularly in the downtown core. Sellers are even seeing their condo listings sit for months compared to just a few days this time last year. The reason? The demand for renting has drastically gone down because students haven't physically been returning to school, immigration has come to a halt, and travel is a no-go for those offering an Airbnb. In fact, condo sales saw a year-over-year decrease of 8.5 per cent.

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