Welcome to this month’s installment of the Real Estate Diaries: Month-over-Month Report.
As my clients and those who have subscribed to my monthly newsletters can attest, I enjoy providing both general market insights of different area’s in the Greater Toronto Area (GTA), and a relative view of sales for the same area’s.
My month-over-month updates were developed because I personally was interested in observing whether or not local or global events were large enough to impact the sale price of properties in an immediate way, without waiting a full-year to see the year-over-year data.
When this type of statistic becomes interesting is with global events, such as COVID-19.
In January progressing to the beginning of March, the entire real estate market was considered, very hot.
Taking detached homes as our example, the trend observed with month-over-month price comparison supports this notion. When COVID-19 caused a shutdown province wide the second week of March 2020, the impact came swift – with a drop in sale price of over 11%; there was also an overall decrease in listings of about 60%. However, this particular segment of the market rebounded very quickly.
As this article is being published, Ontario is starting to see a resurgence of COVID-19.
It is now November, and Phase-2 of COVID-19 is clearly thriving.
Peel and Toronto are in full lock-down for at least 28-days (Oct.’20). For a full list of what’s open and closed, click on the following link: CBC News Article: What is open and closed
Looking back at November’s month-over-month statistics, the biggest gains and losses in “sold-price”, were the following:
Detached Homes
Burlington: +9.18%; (avg. sold price: $1,298,161)
Vaughan: -5.10%; (avg. sold price: $1,447,699)
Semi-detached Homes
Whitby: +11.40%; (avg. sold price: $740,150)
Vaughan: -17.05%; (avg. sold price: $937,596)
Condominium-Apartment Style
Vaughan: +9.59%; (avg. sold price: $646,801)
Pickering: -7.04%; (avg. sold price: $494,778)
Stay tuned for the update on how the market will react!
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