Toronto Market Analysis July 2020

July showed unprecedented numbers “across the board” in the GTA. Sales volume, prices, days on market, new listings were all big improvements from last July, but also from last month. Obviously, this year is anything but normal, so there was no reason to expect July to be “normal”. Buyers and sellers have been taking advantage of the incredibly warm and dry weather we have had. With COVID-19 cases decreasing in Toronto, allowing businesses to reopen (on a restricted basis), we are seeing the Spring Market that did not happen. August is continuing along just like July with multiple offers, low days on market for properly priced properties, and an increased number of showings for listings.

The only possible dark cloud on the horizon to dampen this otherwise positive report is speculating on what the fall will bring. The question of the US elections in November, the need for governments to pay for their COVID assistance, people still being out of work or trying to pay the debt they incurred while out of work, all lead some economists to believe we are headed into a recession in the fall of 2020 and into 2021.

Will 2021 bring a recession? Will this effect the Toronto real estate market in what many believe is “recession proof”? Will the re-opening of immigration further drive our robust real estate?

Only time will tell.

Joseph Robert

Broker of Record

Royal LePage Terrequity OxleyRobert Real Estate, Brokerage