Watch this two-and-a-half-minute market update to hear about: – What recent news did the Real Estate Board announce? – How’s the market? – See an example of a home sold in Oshawa this month. – What’s predicted to happen in the market this year?
Read the Video Script Here
Hi, it’s Miia here with your February market update and outlook for 2020.
For starters, I’d like to report a bit of industry news. The Toronto Real Estate Board just changed its name! As homeowners and buyers you probably don’t care much about the name of the real estate board, but I was always hesitant to refer to the Toronto Real Estate Board when I was speaking with people in Durham Region, or anywhere else outside of Toronto – I mean, didn’t they wonder why I was referring to the Toronto Real Estate Board when we were discussing a property in Oshawa or Whitby, for example? Well, the reason that I would speak about the Toronto Real Estate Board was because we share the same real estate board.
In fact, here’s a quick look at the map showing all of the regions that are covered by our Real Estate Board, from Halton Region in the West, Simcoe County in the North and Durham Region in the East.
Well, in January they changed their name to the Toronto Regional Real Estate Board – it’s not a huge change but it does better reflect the fact that this real estate board is the same one for all of these regions.
How’s the Market?
If you watched my video last month then you know that in December we had a sudden surge in home sales together with rising prices. Well, we’ve started 2020 by maintaining that same pace. Normally sales and prices are low in December and we see them start to rise in January… but it appears that we got an early start to that boost in the market and it started in December instead of January, so January this year was relatively flat compared to December, because we continued with the same strong pace; but compared to January of last year, we experienced a strong increase in the average home price, that being 12.3%.
I can tell you that out here in Oshawa the open houses in January were busy with visitors, and Realtors across the GTA were talking about experiencing multiple offers on properties everywhere, and homes that are priced well have been selling within less than a week on the market.
Take this home in Oshawa, for example near the Oshawa Centre: it’s a 3-bedroom, 2-washroom backsplit with 3 levels. The owners asked $524,900 and it was sold conditionally within 4 days on the market and sold firm a couple of days later on February 5, 2020, after a total of only 6 days on the market. This one sold for over the asking price. Feel free to ask me for more details about this one.
Outlook for 2020
So, what are we expecting for 2020? The Toronto Regional Real Estate Board is predicting that both the number of sales and the average home price will be up by about 10% as of the end of the year. There will be a relatively flat number of new listings, however, which means that the market will be tighter in favour of sellers and we will see more and more multiple offer situations.
That’s my update for this month. If you have any questions, let me know.
Bye for now.