The Toronto Real Estate Market Rebounds: Market Report for May 2020
June 8, 2020
Numbers from the Toronto Real Estate Board are in: sales in May 2020 reflect the positivity being felt by buyers and sellers. Sales in the GTA were up by 55.2% compared with April 2020 with the average price up by 3%, year over year. While the number of sales is substantially lower than May 2019, it’s a good indication that from the technology available to doing everything virtually, people are becoming comfortable with new ways of buying and selling real estate.
For instance, a lot more legwork is done before you actually get to see a home in person. We do a major culling of the available listings and only see one at a time, whereas before you might have spent half a day visiting 7 to 10 properties. Right now, a buyer doesn’t have the luxury of seeing a multitude of places before making a decision, but it doesn’t mean that you have to compromise, the list of must-haves is narrowed down earlier in the home search.
When it comes to selling a property right now, there is a lot of pent up demand from buyers who were waiting to see what happened in the market. If you’re living in the home while it’s for sale, selling can be more challenging because you have to maintain such a strict level of cleanliness. A sanitation station at the front door helps and you can leave doors open and lights on so potential buyers don’t have to touch anything. Great marketing collateral is more important than ever, with a virtual tours and professional photos. There are still photographers working who will mask and glove up for the job, but cellphone photos simply won’t cut it any more.
I had a listing go live on the MLS on June 2 and it sold over asking in a day.
As complicated as it can be to sell a home where people are living, when a property is tenanted, it’s even more challenging. If you’re selling a tenanted condo or home and the tenant doesn’t really want to leave, you can’t force somebody to allow showings. The 24 hour rule can’t be enforced as it comes down to human rights (and truly, basic human compassion) so you have to be careful. It’s a little easier if the tenants are planning on leaving or if a landlord is willing to let them cancel the lease early without penalties.
As for me, I am happy to have moved back into my house after the renovations and have listed my unit at Radio City for rent ($2350 with a locker; parking is available at a separate cost – click here for the virtual tour.)
Now more than ever is the time you want an experienced agent working with you, whether you’re buying or selling. If you have any questions about what’s happening in the market right now, please give me a call or send an email! With mortgage rates so low, this could be an opportune time to buy.