August showed a strong growth in sales when comparing both month-to-month and year-over-year.
This may represent a release of the pent-up demand that was due to the stall in the market when the pandemic first hit the GTA.
What will the rest of the year bring? The Fall season is usually the second-busiest time of year (next to Spring) for residential real estate sales. But the pandemic has thrown everything out of whack. We didn’t experience the slow summer season that we would normally experience. So, will it slow down now, as a delayed summer season? Will we experience another wave of Covid-19 before the end of the year, which will stall the market yet again? I have seen signs of a slowdown in various markets in the beginning of this month of September. But it’s tough to make any predictions while we live through unprecedented times.