BrokerBay data showing signs that things are heading back to “normal” across the Toronto Real Estate Board.
BrokerBay is a software used by real estate brokerages to track showings, listings and transactions in real time. The charts below show a positive change that could indicate the end of the Covid-19 related downturn the real estate market has been experiencing.
With more sellers listing their homes for sale (many with extremely strict precausionary measures in place), and more buyers out shopping compared to the same time last month, we may be seeing a trend towards a more active real estate market here in Toronto and the GTA.
|New Listings||up 38%|
|Sold Listings||up 72%|
this means the “bottom” may have already been reached and further waiting could mean higher prices and more competition from others about to jump back into the market.
with fewer listings available right now and a whopping 72% increase in sold listings, this may be your best chance to attract an eager buyer before an increase in new listings hit the market.
It’s certainly too early to tell how these trends will pan out but it’s certainly a welcomed sign. The Toronto real estate market was having a phenomenal start to 2020 based on strong fundamentals and TD Economics is forecasting an increase of 8.3% this year for Ontario and 7.8% increase for Toronto compared with just 4.1% in 2019.
Have some questions about buying or selling during Covid-19? Email or call me at firstname.lastname@example.org / 416-739-7200.
Ilan Joseph is a Real Estate Broker with Sutton Group and is co-founder of a 10-person award-winning Toronto, Thornhill and Vaughan real estate team. Since 2002, Ilan has been privileged to advise and service thousands of buyers and sellers, enabling them to reach their real estate goals.