As Toronto enters stage 3, we hope this message finds you well. July real estate results were strong as low interest rates and declining Covid 19 cases instilled consumer confidence.
New listings and sales jumped compared to July 2019 as buyers and sellers acclimated to post-pandemic ways of transacting real estate. The beneficiaries were clearly sellers of freehold properties as prices for semis and detached properties increased by +20%.
Supply of condo apartments increased in both the resale and rental market as regulations changed limiting short term rentals (eg. AirBnB) to principal residences. Meanwhile, there is decreased demand as fewer students return for post-secondary fall classes and restricted migration between borders resulted in softening resale and rental prices especially in the downtown core.
The following chart outlines the extent of these supply and demand changes for the 2nd Quarter rental market.
Next month, we will take a closer look at year to date sales statistics in order to gauge what to expect in the fall market.
Shen Shoots The Breeze
1. With travel plans on hold due to the pandemic, I imagine most people are rediscovering places in their backyard and probably doing more day trips or provincial travel more than ever. Here are some places we recently discovered.
Last summer, we bicycled the trails in Tommy Thompson Park. The scenery is breathtaking and the trails are great for people of all ages and riders of various levels. There is free parking on Leslie Street.
Humber River is a great place to canoe, kayak or stand-up paddleboard. Last month we reconnected with some friends on the water. It was the perfect way to spend the afternoon, paddling down a calm and lazy river, seeing friendly faces while being able to physically distance under a warm and sunny day.
Last week, my friend and I went to Niagara-on-the-Lake for an overnight trip. I forgot how quaint the towns and villages are. We had a memorable meal at Vineland Estates Winery, purchased vegetables and fruits in season (corn and peaches are especially delectable in August) along with several bottles of wine. In just about an hour’s drive, we were back in the city.
Do you have any places in town or close to Toronto that you’ve recently discovered? Please do share.
2. Several years ago, I got my boating license (or more specially, my Pleasure Craft Operator Card). It took no time at all to get this done online; however unlike operating a car, it’s much more difficult to practice considering I don’t live near a marina nor do I own a boat. My friend’s father has been generous in letting me and my friend gain experience driving his boat; however we’re feeling a little like teenagers asking our parents’ permission to borrow the boat each time. I’m looking into purchasing a boat; however I really don’t know where to start. I’ll probably go with a used boat. I may even entertain co-owning a boat purchase with a friend. We will probably dock it at a marina during the warm weather and have it stored there during the winter. In the meantime, I’m thinking of joining a boating membership which will give me more experience on various boats and allow me to get a better glimpse of boat ownership. If you have any tips for a novice boater on what to look for in a purchase, please don’t hesitate to get in touch.