Hello Friends,
I hope you and your family are staying well and safe during these very interesting times. As the second wave of the pandemic has started to heat up the residential real estate market seems to be doing very much of the same.
Across the GTA for the month of September the volume of sales of all home types jumped up over 42% over September of last year with active listings up over 5% and prices up over 14%. Interest rates are at all time lows, under 2%, which continue to encourage buyers to enter the market and shop for real estate.
The resale condominium market continues to progress with sales up over 14% and prices up over 6%. The number of condominiums currently coming to market has started to make headlines as the inventory of available condos for sale jumped over 120% over September of last year as per the Toronto Regional Real Estate Board. Months of inventory numbers doubled from 1.6 months of inventory of condos for sale to just over 3 months. Based on current demand, if another resale condo was not to come to market it would take 3 months to sell out of our inventory based on our current supply.
New condo and townhome developments continue to launch across the GTA with strong demand. There have been some great investment opportunities and what we call end user opportunities should you be thinking of moving out of your current home into something new. Whatever your needs may be, please never hesitate to reach out to me as I have direct, front of the line access to many fantastic new developments across the city.
Be well and stay safe and I look forward to connecting with you soon.
If you have any questions please never hesitate to reach out to anyone on the management team, we are to help.
Kind regards,
Cynthia
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