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Petro said the Ontario government needs to “step in and release red tape” that will allow additional housing in the province, including new housing, infill projects and residential in-law suites.
But, he acknowledged, changes in regulation must be done in a safe way, in line with protocols to reduce the spread of COVID-19.
Also contributing to the jump in residential sales are record low interest rates, “move-up” buyers looking for more space and a “huge number of out-of-town buyers looking to get more bang for their buck” in Brantford, where house prices are still much lower than the Greater Toronto Area, said Petro. Some GTA residents, now working permanently from home, are broadening their search for a more affordable housing market and making the move to Brantford and Brant County.
The average selling price of a single-family home in Toronto also hit a record high in 2020 of $929,699, a 13.5 per cent increase over 2019.
In the face of shifting work-life dynamics, buyers are looking for room for a home office, a good Internet connection and access to green space.
There were 3,301 new residential listings in 2020, according to the real estate association. That compares to 3,702 in 2019.
Statistics show the greatest number of local homes sold last year were in the $400,000 to $500,000 price range (608), followed by those in the $500,000 to $600,000 price range (544). A total of 111 homes sold for $1 million or over.
Petro, who has been a realtor since 2004 and is broker at Century 21 Grand Realty, said because of low inventory, many buyers find themselves in bidding wars over properties.
Like many industries, the pandemic forced changes in the way realtors do business. New marketing methods such as virtual showings, live virtual open houses and e-documents have become standard.
“Some realtors were already using it, but the pandemic forced a lot of realtors to move to technology,” said Petro. “Now it’s our new norm. The general consensus is positive from a consumers’ standpoint.”
