WHERE IS THE MARKET GOING?



May 2, 2020

By the time you read this post it will be past mid February 2020. At the pace things are changing around the globe, the world will likely be different than what it is as I write this.

 

I am hearing that the Coronavirus and other goings-on around the globe are dampening our economy and residential real estate market, but I am seeing multiple offers for homes in some parts of Toronto. Though some of those multiple offers are caused by intentionally pricing the houses low, residential real estate being very local, it may work in some areas and could be risky and backfire in other areas, as it backfired for a couple of properties this year in Don Mills.

 

Compared to many neighbourhoods in Toronto, prices are still good and affordable in Don Mills which has so much to offer. Lots of greenery, parks, parkettes, ravines, nature trails, good public and private schools, shopping, malls, fine restaurants, low or no crime rate, easy access to highways, minutes to downtown, good transportation with LRT coming soon and so much more!

 

If the supply remains low, we will start seeing multiple offers in Don Mills, as well, and thereby also see prices rise this spring. At this time (Feb 6th), it is too early to tell.

 

With so much happening around the world it is difficult to accurately predict how the real estate market is going to do in 2020. As always, some areas in Toronto will do better than other areas.

 

There is also talk about a possible recession this year. Too much is up in the air. Does anyone have a crystal ball?

 

Hoping that 2019 was good for you all and that 2020 will be even better in every way.

 

Ecko Jay
Broker of Record / Owner
Ph: 416-445-8858
eckojay@eckojay.com

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