While sales of detached homes in the GTA have been down overall throughout the COVID-19 pandemic, the markets in York Region’s King Township and Georgina are bucking the trend, according to a new report by RE/MAX of Ontario-Atlantic Canada.
Leading on the list of Top 5 in terms of percentage increase in detached housing sales is King, where 161 detached properties changed hands, up from 117 one year earlier, representing a 37.6 per cent upswing in volume, according to the RE/MAX 2020 Hot Pocket Communities Report that examines trends and developments in 65 Toronto Regional Real Estate Board (TRREB) districts.
In King, just under 200 active listings were available for sale in June, average days on the market hovered at 44, while the sales-to-list price ratio was 93 per cent.
With an average price between $600,000 and $650,000, affordability was the common denominator in the third, fourth and fifth place finishes, according to Christopher Alexander, executive vice-president and regional director, RE/MAX of Ontario-Atlantic.
At No. 5 is Georgina, with 373 detached homes sold in the first six months of the year, up 9.1 per cent over the 342 sales reported during the same period last year.
Ranking at No. 3 is Simcoe County’s Innisfil, with a 14.4 per cent increase bringing the number of sales in the area to 389, up from 340 in 2019. Days on market were 35, sales-to-list price ratio was 99 per cent, and more than 220 active listings were available in June.
At No. 4 is Oshawa, also a hot spot for sales so far this year, with more than 1,053 single-detached homes sold in the first half of the year, a 10.8 per cent increase over 2019. Detached homes are moving quickly, with average days on market at 16, the sales-to-list price ratio is 101 per cent, and 200 active listing available for sale in June.
Bucking the affordability trend is No. 2 on the list, Bridle Path, Sunnybrook, York Mills, St. Andrew, and Windfields, the only district in the 416 to post an uptick in sales. The area, the most expensive in the GTA, experienced a 20.6 per cent increase in sales between January and June 2020, with the number of detached homes sold rising to 76, up from 63 during the same period in 2019.
Days on market were 19, with a sales-to-list price ratio of 94 per cent. Close to 100 homes were listed for sale in June.
Detached housing values have shown remarkable resilience in the first half of 2020, with 95 per cent of Greater Toronto real estate districts posting solid gains in average price, Alexander said.
Active listings across Greater Toronto real estate markets hovered at 14,000 in June, the lowest level for the month since 2016 when active listings bottomed-out at 12,327.
Average price was up in 95 per cent of areas between January and June 2020, compared to the same period in 2019. Double-digit increases were reported in 60 per cent of 416 districts and in 50 per cent of 905 districts.
“Strong demand characterized much of the first quarter of 2020, setting the stage for a record-breaking spring market in the Greater Toronto Area – and then came COVID-19,” he said.
“In past downturns, a drop in unit sales has usually been followed by a significant upswing in the number of homes listed for sale. That didn’t happen in this case as buyers and sellers paused in April, then cautiously resumed home-buying activity as COVID-19 cases dropped and local economies reopened. With the easing of restrictions and the province moving into the third, and perhaps final phase, we anticipate that the housing market will likely accelerate,” Alexander said.
Canadian Real Estate Just Made The First Back-To-Back GDP Drop In Over A Year – Better Dwelling
In a competitive real estate market, it pays to shop smart – Vernon Morning Star
Today’s real estate market may seem a bit intimidating, especially for first-time buyers, “smart-sizers,” or those who are looking to move up. No matter what your position on the ladder, these days buying a home requires knowledgeable, expert advice, and not just to choose the right area.
When buying a home, some factors seem obvious, including its location, proximity to schools, and the commute to work, for example. You might also consider recreation opportunities nearby and whether the home will fit your family today, and tomorrow, note Value Plus 3% Real Estate’s Paula Skladan-Roughton and Nik Roughton.
Together, they can help you figure out what you need and want in a home in practical terms and also help you navigate the fast-paced sellers’ market that is today’s real estate reality.
Changes to how homes are purchased has meant changes to how they’re sold too, and many buyers find the process intimidating and confusing. It’s essential to find a local real estate team that brings their expertise to the table to make the complicated process of buying a home in today’s hot market as enjoyable as it can be. “We know what you can expect in today’s market and will make sure you’re prepared to meet the demands of a different way of buying and selling.”
More than bricks and mortar
Buying a home today is about far more than its physical location. To be successful, buyers need to be prepared to make an offer that will tick all the boxes for the seller and the buyer.
When a home comes onto the market, most sellers are offering limited showings, and then will accept offers within a certain timeframe, meaning buyers must be prepared with market know-how and a clear idea of their real estate needs, Paula notes. With only one chance to make a blind offer, you need to know how to play the game.
“This time can be an emotional roller-coaster for buyers, so it’s important to understand the current market dynamics so you can make the best offer you can,” Nik says, noting that by looking at the history of offers on similar houses vs. the final selling prices, they’ll take into account what you feel good about paying. “Your home is a big investment, so you want to make sure it’s the right home at the right price.”
Everyone is asking when the market will crash, but Nik notes that “the way we buy and sell houses has changed since the last market correction.”
Changes to government regulations on real estate sales have created more stability in the market, and Nik doesn’t expect a correction any time soon, especially in sought-after communities like Vernon, and with COVID showing that we can work from home.
“Buying a new home is an exciting time, and we can use our experience to help you make the best offer on the home you want,” Paula adds.
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What Sold: 31 Newport County real estate sales, transactions (July 25 – 31) – What'sUpNewp
Real estate, like any industry, is based on the foundation of supply and demand. Sellers are seeing premium prices for their homes due to low-interest rates and even lower inventory; which makes for a very competitive environment from a buyer’s perspective.
If you’re considering selling or simply want to know what your home may be worth in today’s market, I am offering confidential, complimentary, and no-strings-attached home value analyses to anyone interested.
If you have any real estate questions, please give me a call directly at 401-241-1851 or email me at TylerB@remaxnewportri.com.
In the meantime, here’s what sold in Newport County last week.
225 Ruggles Avenue sold for $9,391,635 on July 26. This 10,530 sq. ft home has 10 beds and 9.2 baths.
21 Chastellux Avenue sold for $7,100,000 on July 27. This 5,000 sq. ft home has 5 beds and 5.1 baths.
19 Stockholm Street sold for $645,200 on July 28. This 1,343 sq. ft home has 3 beds and 2 baths.
26 Mumford Avenue sold for $589,000 on July 30. This 1,320 sq. ft home has 3 beds and 1.1 baths.
50 Admiral Kalbfus Road sold for $410,000 on July 27. This 988 sq. ft home has 3 beds and 1.1 baths.
109 Church Street #3 sold for $360,000 on July 28. This 697 sq. ft home has 1 bed and 1 bath.
35 Pelham Street #E sold for $357,500 on July 28. This 810 sq. ft home has 1 bed and 1.1 baths.
241 Tuckerman Avenue sold for $1,265,000 on July 26. This 1,807 sq. ft home has 3 beds and 2 baths.
35 Bliss Mine Road sold for $705,000 on July 29. This 2,228 sq. ft home has 4 beds and 2 baths.
14 Pocahontas Drive sold for $535,000 on July 27. This 1,914 sq. ft home has 3 beds and 2.1 baths.
1 Wood Road sold for $445,000 on July 26. This 1,552 sq. ft home has 4 beds and 3 baths.
28 Stockton Drive sold for $355,000 on July 30. This 1,116 sq. ft home has 3 beds and 1 bath.
50 Eastover Road sold for $3, 200,000 on July 26. This 6,597 sq. ft home has 6 beds and 5.2 baths.
33 Strawberry Lane sold for $1,406,250 on July 26. This 3,407 sq. ft home has 4 beds and 3.1 baths.
1115 Anthony Road sold for $1,005,000 on July 29. This 2,176 sq. ft home has 4 beds and 4 baths.
25 Mary Lane sold for $745,200 on July 27. This 2,489 sq. ft home has 4 beds and 3 baths.
5 Benedict Avenue sold for $625,000 on July 30. This 2,276 sq. ft home has 4 beds and 3 baths.
120 Pheasant Drive sold for $612,500 on July 30. This 1,330 sq. ft home has 3 beds and 2 baths.
14 Pioneer Lane sold for $390,000 on July 29. This 1,288 sq. ft home has 4 beds and 1 bath.
59 King Phillip Street sold for $335,000 on July 30. This 1,200 sq. ft home has 3 beds and 1 bath.
338 340 West Main Road sold for $406,000 on July 29. This one-story home spans 1,536 sq. ft.
121 Steamboat Street sold for $699,900 on July 27. This 1,288 sq. ft home has 3 beds and 2 baths.
53 Conanicus Avenue #3F sold for $654,900 on July 30. This 1,309 sq. ft home has 2 beds and 2 baths.
274 Teaberry Lane sold for $800,000 on July 28. This 3,030 sq. ft home has 4 beds and 2.1 baths.
120 Horizon Drive sold for $515,000 on July 26. This 1,792 sq. ft home has 3 beds and 3.1 baths.
240 Hooper Street sold for $328,000 on July 30. This 1,154 sq. ft home has 3 beds and 1.1 baths.
60 Kaufman Road sold for $320,000 on July 30. This 1,254 sq. ft home has 3 beds and 1.1 baths.
1034 Stafford Road sold for $295,000 on July 28. This 1,150 sq. ft home has 2 beds and 1 bath.
23 Willow Street sold for $217,500 on July 30. This 546 sq. ft home has 1 bed and 1 bath.
15 Blackbird Street sold for $185,000 on July 29. This 960 sq. ft home has 2 beds and 1.1 baths.
100 Songbird Lane sold for $165,000 on July 30. This 1,300 sq. ft home has 2 beds and 2 baths.
Nothing to report.
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