The Toronto Real Estate market is still going strong after a five-month run without the traditionally slower summer seasonal break. Only a slight pullback in activity happened in October compared to a record-setting September.
Another factor leading to the October market shift could have been fear around a second wave, as reported cases of COVID-19 were on the rise.
With the Canadian economy lagging behind other countries for economic recovery declining economic activity is likely another contributing factor.
But with interest rates so low this will eventually drive real estate prices higher.
Toronto Real Estate Market Looking Forward
Winter might be warmer than normal for Eastern Canada. Warmer weather might carry the active market through the winter months when typically things slow down.
Also with travel restrictions still in place and fear of a second wave still lingering people may not do as much holiday travel this winter which could mean more opportunities for house shopping.
Downtown Toronto Condo Market
One exception to the strong Toronto real estate market is the downtown condo segment, especially in the one-bedroom category.
In the Bay Street Corridor, prices are down 10.8% from six months ago.
It’s hard to say when we’ll hit the bottom of the downtown condo market, but with new record setting immigration planned for 2021 we might see things start to turn around as early as Q1 2021.
If you’d like more up to the minute real estate information contact me for a no-obligation consultation.
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