What a topsy turvy year it's been so far for real estate!
Urbaneer's veteran realtor Steve Fudge recently wrote about the resilience of certain segments of the Toronto market in a blog titled, 'Demand For ‘Forever Homes’ In Toronto’s Downtown Family Neighbourhoods Persists Despite COVID-19'.
The pandemic has shifted our housing market into a new set of oscillating dynamics, but the wheels haven't stopped turning, so to speak. The lockdown in March 2020 and the necessary precautionary measures slowed demand to a crawl for the first ten weeks as we Torontonians adjusted to our new reality. However, many double and single-income professionals (many with children, nanny, Labradoodle & Tabby) found themselves squeezed for space in their existing residences and quickly began competing to buy 'Forever Homes', driving up prices. Currently, only the most dedicated buyers are pounding the pavement in search of a home - but there are a lot of them! As the July 2020 Toronto Real Estate Board statistics revealed, there were 11,081 transactions last month, which is 49.5 percent more than June 2020 and an improvement of 29.5 percent year-over-year. And while the number of new listings was improved as well, it was not nearly enough to begin to close Toronto's infamous supply/demand gap. So it was another month of steep price increases and bidding wars!
Steve was engaged by writer Becky Robertson of BlogTO, recently. The resulting article offers some insight into one of the multiple factors that contribute to how expensive real estate has become in Toronto. The fact of the matter is, that despite various forms of provincial and federal government intervention in years past, prices continue to trend upward (particularly for freehold properties right now), and if you don't take home six-figure income, it's unlikely you'll be able to afford property in Toronto. (Read: 'Dear Urbaneer: How Can Millennials Possibly Afford To Buy Real Estate?'). If the world was curious how strong the unique supply/demand dynamic is that keeps the Toronto real estate market engine running and prices climbing, the answer is: strong enough to plough through a global pandemic (seriously?) and keep on going!
Read the BlogTO article here: "This Is Why Buying A House In Toronto Is So Expensive".
And now it's now been picked up by MortgageBrokerNews: "Three Reasons Why Toronto Real Estate Prices Are So High."
If you'd like to learn more about the current state of the Toronto real estate market, including evolving trends, what's selling and what's not, and who's buying and who's selling (and for what price) visit the Urbaneer blog!
Here are some carefully chosen blogs on the state of the Toronto housing market:
Can the personable engaging and service successful Urbaneer team become the realtors of choice for you, or someone you love? We'd be delighted to guide you in securing the best of the best Toronto real estate.
With a multi-disciplinary education in housing - and 28 years of experience in the property market - Steve and his team believe the search for a Home requires engagement on sensory, intellectual and emotional levels. In fact, it's how we've become a top producing realtors.
Thanks for reading!
-The Urbaneer Team
Steven Fudge, Sales Representative
& The Innovative Urbaneer Team
Bosley Real Estate Ltd., Brokerage - (416) 322-800
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*Love Canadian Housing? Check out Steve's University Student Mentorship site called Houseporn.ca which focuses on architecture, landscape, design, products and real estate in Canada.