Last month, November 2020, the average price of a detached home in the GTA was $1,204,844 according to TREB, The Toronto Real Estate Board.
When compared to 2019, Real estate agents sold a record 10,563 homes this past October, a 25.1 per cent increase from October 2019.
Interest rates are low, and some buyers are looking at creative ways to afford home ownership; joint ventures with other family members or friends, as an example, helps make this dream affordable for some.
I cannot predict the future, but there may be some new trends, based on the COVID pandemic.
Here are a few in the pipeline:
- Interest in properties outside the core of the city is rising. Given that many of us are working from home – and may never return to the “5 days in the downtown office” scenario – many cities, towns and villages that once seemed too far a commute are now seen in a different light.
- Condo living has its advantages – but for many, a single- family dwelling is much safer, given our new focus on personal health and safety. No shared communal spaces, elevator rides, parking garages etc.
- Our home truly is our sanctuary. Since March, our homes have served multiple purposes – school, work, entertainment, limited socializing, exercise, wellness, faith.
- The allure of downtown – busy traffic, stores and restaurants is not as appealing given our current COVID restrictions.
During the COVID pandemic, realtors have had to change their playbook, and offer potential buyers different opportunities to look at properties virtually. Zoom, 3D visual images and many other tools can be used to look at a property.
Online, buyers can research different neighbourhoods, schools and facilities, envisioning their future in a new community, in a home they will love.
Once you have made a decision to buy a home, your team of professionals should include:
- A trusted realtor, knowledgeable in the community you are interested in living in
- A trusted mortgage agent – who either works in a bank, credit union, mortgage company or independently
- If you are looking at a resale property, a home inspection agency, so that you are away of any immediate or upcoming renovations, and their costs.
- A trusted lawyer, with considerable experience in buying, selling and refinancing a variety of properties – both in the GTA and across Ontario.
During COVID, I will be able to work with you virtually in accordance with Provincial regulations and The Law Society of Ontario.
Good luck in finding the home of your dreams.
At any time during this search, feel free to reach out to me directly, and I will outline the legal paperwork required for buying, selling and/or refinancing your property.