With the new year now upon us, I can not help but feel extremely excited and positive about what lies ahead.
Though the pandemic made for a difficult year in many ways, I am so proud of my team as we adapted swiftly. As a result, not only did we have our best year ever, but through our brand expansion, we were also the #1 Team in Toronto over all competitors. While we continue to proudly support the Children’s Miracle Network/Hospital for Sick Children, in reflection of our great year and the current state of COVID in our community, we will be making contributions to our local hospitals, North York General, Mount Sinai and Sunnybrook Health Science Centre, in support of our front line medical professionals.
So, surely you’ve heard it all ready, it was a record-breaking year for real estate. The average price for the entire Toronto Real Estate Board, rose by 13.5% overall, with the greatest gains seen in the suburban detached market. Sales soared as demand for more space increased, interest rates plummeted, and those who were able to keep their jobs saved money everywhere else.
Prices last year surged because of limited inventory, and that will certainly be the case this year. The beginning of the year should serve sellers extremely well as inventory will be even more scarce. However, this contrasts with the growing buyer demands heightened by the introduction of more buyers with New Years resolutions, foreign investors trying to jump into the market before a federal foreign buyer tax, and continued local demand for more square footage as a result of the pandemic. So as more buyers are coming to the market, they are going to have much less choice.
Historically, I have strongly recommended and endorsed this time in the market, as year after year many of my sellers reap equity benefits due to a lack of competition in contrast to March, which will bring on more sellers than serious buyers. But this year I believe this time will be even more dramatic and there will be sales that will be recorded that will not be matched throughout the year. So just because your home looks it’s best May through September, it doesn’t necessarily mean that it will translate into a higher price.
If you have any questions about this opportune time, or there is anything I can help you with, feel free to reach out. I am never too busy to talk real estate.
All the best in 2021,
Barry
