Market Watch Report — Has Toronto Real Estate Price Dropped in the Post-COVID Period?
Monday Jul 12th, 2021
In June 2021, across the whole GTA for all property types, the average sold price arrived at $1.089M. This number is very similar to the previous two months. The price has arrived at a plateau since Feb, March peak. Although remained at a historical high level, the transaction volume also mild down from March this year. The overall market is calmer now, due to domestic demand has largely been released after a year’s lowest interest rate for the past decades, and the delayed arrival and return of newcomers and foreign students, which used to be the main force to drive up GTA’s real estate market. The situation will prevail until the border reopens and international airlines fully resume operation.
Despite all property type’s tune down in June, the Toronto Downtown condo has slightly bounced back. In fact, in the past two weeks, the downtown condo rental market has become really hot resulted from the increasing rental needs of gradually returning foreign students. General speaking, when the rental market recovers, so will the resale market follow.
Check out our YouTube Video for a more detail breakdown of June's market statistic report: https://youtu.be/hK8AbPVxbQY
More a more in depth report, check out our video: https://youtu.be/hK8AbPVxbQY