What is happening in the Real Estate Market with COVID 19?
Is this a good time to Buy or Sell your home?
The Short Answer is YES!
- The Real Estate Market is VERY ACTIVE! The average HOME PRICE is $1,097,565 and continue to rise each month!
- For the third straight month of 2021, RECORD HOME SALES continued in March across the Greater Toronto Area (GTA) with buyers taking advantage of favourable borrowing costs and continued improvement in many sectors of the economy.
- Again, confident buyers are taking advantage of lower mortgage rates and lower qualifying rates which increases their purchasing power. Confident sellers are benefiting from rising home prices over the years, increased profits, low inventory, less competition of homes on the market and even multiple offer situations.
- Again, there is a low supply of homes and shortage of homes for purchase, mortgage interest rates are very low, and homes are being sold with multiple offers/ no conditions situations.
Average Selling Price - Year-Over-Year Comparison
- The average selling price in February 2021 was $1,045,488 up by 14.9% year-over-year. On a seasonally adjusted basis, the average selling price wasup by 2.3% over January 2021.
- The average selling price in March 2021 was $1,097,565 up by 21.6% year-over-year. On a seasonally adjusted basis, the average selling price was up by 4.2% over February 2021. Think about that… 4.2% increase in price since February.
February 2021 – Prices increase 2.3 % - Average Selling Price - $1,045,488
March 2021 – Prices increase 4.2 % - Average Selling Price - $1,097,565
If you are thinking of Buying or Selling, contact me and we can have an honest conversation about your situation.
I can help answer any questions that you may have so you can make the best real estate decisions for yourself and your family.