Your neighbourhood real estate news

February 10, 2021

I am sure that many of us for many reasons are heaving a sigh of relief and glad that 2020 is finally over.


The Toronto residential real estate market was extremely volatile and unpredictable throughout 2020. Many of us real estate agents understandably thought that with the unemployment rate going up and so many businesses closing down, some forever, and the virus not letting up and thus the economy looking bleak, the residential real estate market in Toronto would suffer. It did not. It again picked up steam and with a vengeance after the middle of the year.


Who would have imagined in their wildest of dreams that the prices of residential real estate across Canada would go up while the Covid cases are going up? Multiple offers in certain price ranges were not uncommon at all. Even homes close to $2 million received multiple offers. It was a good year for the Toronto real estate industry in particular.


Sadly the condominium market did not do very well last year and is not expected to do well in 2021 either. The rental market took a beating and the prices of Toronto condo rentals and sales went down and the supply went up. 2021 could be worse than 2020 for the Toronto condo market.


Though 2020 confirmed again the fact that none of us have a crystal ball, I personally believe that there is a good chance that the Toronto residential real estate market in 2021 could very well be more or less the same as in 2020. Multiple offers, prices increasing and shortage of supply. Good for the sellers, not so good for the buyers.


My team and I are extremely cognizant of the fact that we are facing unprecedented times and that the real estate industry in Toronto is facing its own challenges. Therefore we are more than ensuring that all safety measures are followed when representing real estate buyers and sellers. We are also screening and qualifying every buyer very carefully before they are allowed to visit any of my listed properties. All the Covid rules are being followed and taken very seriously.


Our marketing has also changed to adapt to the present climate. All our listings have state of the art 3-D virtual tours, floor plans, many pictures, full details of the houses, etc., etc. on MLS and on our website for the potential buyers to see before making appointments to personally view our listings.


I’m glad to announce that last year I was again the #1 listing agent (for detached homes) in Don Mills, Banbury and Underhill
areas. I believe that we are #1 year after year not only because we make every client feel that they are #1 but also because we make them feel like they are the only client we have.


Do feel free to contact me directly if you are considering buying and or selling your home in Don Mills, Banbury and Underhill areas in the near future and would like to know how best to do it in this climate. It will be a pleasure to provide you with all the information that you need.


I wish you all the very best in every way in 2021.


Ecko Jay
Broker of Record / Owner
Ecko Jay Realty Ltd

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