May 2020 Toronto Real Estate Market Report
The May 2020 Toronto Real Estate Market saw an increase in showing activity from April 2020. It is clear there is some pent-up demand resulting from the real estate market basically being put on hold for almost two months. There is a definite trend away from small condos toward small entry-level homes in popular areas such as High Park, Swansea, Roncesvalles, the Junction, Leslieville and Riverdale, and this has resulted in the return of bidding wars and even some pre-emptive offer situations. It should be noted that during this slowdown we have also seen some big ticket sales in Forest Hill and Rosedale. The luxury market is definitely quieter than the entry level, but sales are still occurring at the higher price points. Toronto continues to have an inventory problem at this time which is keeping prices steady. As a result of COVID-19 there is a trend of decreased immigration and fewer international students which is reflected in an approximate 5% drop in monthly rent prices in the GTA.
For more details on the market please watch Chris Kapches, Chestnut Park President and CEO.