Toronto’s hot housing market is projected to cool a bit and even more so into 2021, with housing prices dropping anywhere from three to ten percent. So when should you buy? When should you sell joining us this morning?
Is real estate agent, Shea and Vidyada for more on this outlook good morning to you shay good morning, so we always say people want to live where they work. But if where you work is now your kitchen table and do you even need to live in the city or the immediate proximity of where you are? Maybe not so, are you seeing a trend of people moving out away from more space, uh yeah? It is the question that is being asked and a recent survey that was done by ledger.
Uh that was conducted said that 32 of Canadians are looking to move out of the city core and are looking more for suburbia life. For that exact reason, yeah a bit more space um for themselves, and especially if you’re living with other people, you want to love the people that you live with, that’s.
What we’re hearing – and you know so needing a bit more space so that you have your own designated areas or just even outdoor space, right, different immunities like having a backyard having a swimming pool um having your own private outdoor space, that you Can go to which often times, as we know in condos that doesn’t afford you that, but does that mean that pricing uh in places that are on the outskirts are going up? Well, you know it again.
We are seeing right now we are in what we call a seller’s market there’s, still not a huge amount of inventory on the market that we would be expecting at this time of year and it is causing for sellers To be very, very happy, uh july we saw a record month not just in Toronto, but across Canada, that there was more homes sold in that month than any other month in Canadian history.
So that demand is absolutely up, which means you’re competing on price, so the prices we’re, seeing have increased about 5.5 in Toronto, specifically and just over 2 across the nation as a whole. And do you see this trend continuing over the next few months? Uh? We do.
You know again there’s been talk even from the premier that there could be if we receive another shutdown, come the fall season there’s anticipation. I think you’re, going to see sellers um listening to that and buyers are starting to pay attention to that now and, as that happens, if that were to take place in Nepal, it’s going to cause for again the demand For more space, uh homes moving out of condos, specifically that’s, going to continue to drive the market and if inventory remains low prices might not soften the way that some people might think that they could so right.
And then you touched on that right there, the condo market and what it looks like right now and beyond. We brought up the uh. The pricing of the predictions for 20 uh fall, 2020 fall 2021 and fall 2022.
I don’t know if we can bring that back up there. It is um so looking at some of the price pricing. So if someone is looking to buy right now, a house you say maybe maybe hold off a little bit. There could be opportunity, come the fall.
You know there’s, going to be a few things that are happening like the government. Financial aid is coming to an end in September. That’s, going to have an impact for a lot of people as well, which we’re, going to see it could impact the future activity in the fall market um.
But my always my advice to clients is, i don’t impulsely purchase something right now, but if you do see a home that checks off everything, it is the time for you to actually purchase something because who knows where inventory is going to be In the fall – and you might be house hunting or even condo hunting and not be able to find what you’re looking for, depending on the impacts that happen in the fall with covid and with government assistance.