October 2022: Why Is Everyone Sitting on the Sidelines?

There is always a certain amount of uncertainty in real estate and we often ask the question, “Why did this property sell and not the other?” There are usually several reasons; the seller’s strategy, marketing, or timing. But it could be as fortuitous as the buyer grew up on or always loved that particular street. On the flip side, it may not have sold simply because superstition drove the buyer away due to the house number, location on the street, or proximity to a cemetery, and the list goes on… Often times it comes down to finding the right buyer at the right time, and this has been especially true this fall.

In Toronto, we have grown accustomed to continuously increasing home prices and a persistent lack of inventory. Other than relatively minor dips in 2008, 2011, and 2020 prices have only trended upwards. Now prices are falling, or at the very least flattening, and we are seeing an even greater lack of inventory that can mostly be attributed to seller uncertainty. Homeowners aren’t as eager to list if they worry they could have made more last year or will another year from now.

In the GTA last month when compared to October 2021, the number of transactions was down a whopping 49%, sales were down 5.7% and days on market was up 88% to 33 days. As we’ve seen all fall, buyers are taking more of a wait and see approach even with the limited supply on the market. Even though this month saw average prices on par with September this year, many don’t feel that prices won’t fall further when we’ve already seen a 15% drop since the market peaked in February. However, it is important to note that prices are still above pre-pandemic levels by 27.8%.

What does this mean going forward? It’s difficult to predict. The rise in interest rates with more expected to come, paired with a lacklustre stock market has hampered the demand for real estate this year. But that’s not to say in 6 months we won’t be back to the norm of rising prices. We still have a shortage of homes to fill our current needs and increased immigration to Toronto continues to push demand.

As we always tell our clients, prudence and caution has never been more important.  Purchasing your home is emotional, but try to minimize that emotion and think objectively.  Will the market continue to be flat and maybe fall of a bit?  Possibly, probably.  But if you are a buyer and you see the home you wish at the price that you feel is fair to pay then you should (unemotionally) seriously think about it because if you let it go, you might not see another like it for a long time.  A home is generally not like a car.  Homes are unique and the right one can be rare to find.

Commentary by Joseph Robert, Broker of Record

How Are Rate Hikes Impacting the Housing Market?

Yesterday the Bank of Canada raised interested rates by 0.5% or 50 basis points.  This in a way is bittersweet as many presumed they were going to raise them 0.75%.  The Bank states they are trying to slow down inflation, and I don’t want to get into the whole debate about slowing down or “killing” the housing market with comparisons to what happened in the 1990’s.  For those of you too young to know or have tried to erase it from your memories – rates went up to 18%.  My first mortgage was 10.5% in 1987 and I felt lucky!

We in the industry and those looking to buy and sell are obviously in unique territory that we have not seen for many years.  Interest rates going up, prices coming down, and transactions way down.  The interesting thing is that from a global perspective, we still have plenty of immigration, a large housing shortage in Canada, Ontario and Toronto, and massive disruption around the world, which has highlighted how Canada, and specifically Toronto, continue to be a safe havens to live and invest in real estate. All signs for a fundamentally strong and resilient housing market.

Before the October sales numbers come out late next week, I took a snapshot of housing activity in the C02 area.  I like this range as a snapshot because it covers different areas from smaller semis to large luxury homes.  Below is a chart showing sales in the first 26 days of October compared to 2021 and 2020 and the sales in January, February, and March of this year.  Dollar sales show what we have been seeing on the ground; Prices are closer to 2021 on a high end and even closer to 2020.  We are not witnessing the usual 6-8% increase every year right now, and compared to February 2022, which was the height of the market, we have seen a 29% drop in prices. 

But as I have said, it is not correct to use your best month or best score as your basis.  Interestingly, Days on Market (DOM) have remained low at about 20-24 days on average and in October so far it has been an average of 16 days. Other than price, unit sales are way down.  20 sales this month compared to 42 in 2021 in the same time.  This is showing a huge contraction in the market as there are less buyers but also less sellers.  There is a strong “wait and see” attitude.

What does this tell us?  Prudent, realistic pricing will still get the sale.  For the buyer, they are able to take a bit more time as some of the pressure of purchasing is gone and there are far fewer bidding wars to compete in.  The end user who is looking to live in their home for 5+ years will see their investment increase reasonably.  Hopefully we are moving into a more balanced market where mass fluctuations in ask and sale prices won’t exist.

Commentary by Joseph Robert, Broker of Record

September 2022: Autumn Ushers in Cooler Temperatures & Falling Prices

We are midway through October and the change in temperature seems to be reflecting the cooler fall market. Looking back at the September sales figures released a few weeks ago we saw that home prices were down 4.3% from the same time last year. This figure paired with an increased in the average days on market of 84% and a decrease in the number of transactions by 44% provides a very different real estate landscape in the GTA from last fall/winter. Condos faired better, up 2.6% in Central Toronto, but detached home prices were down -14.3% year-over-year.

Real Estate analysts, agents and speculators will all be adjusting their expectations for the late fall and winter as we enter into the 4th quarter of the year. Personally, I expected prices to hold steady this fall after steep and sudden interest rate hikes pushed prices down as nervous buyers stayed on the sidelines. However, the continued hikes have with fear of more to come are having a critical impact on buyers’ enthusiasm. Now, I anticipate a drop in sales volume of about 4-8% continuing into the end of the year with the overall end of 2022 being flat compared to 2021. To put things in perspective, remember that in January, February, and March we were seeing price increases of over 20% each month.

To note, some of the doomsayers were predicting a 20% drop in prices which won’t happen. We can’t say for certain that smaller markets that don’t have the same demand as Toronto won’t be hit harder, but the GTA should be insulated.

As always in changing times like these it’s important to take a cautious real estate outlook, seek solid quantifiable advice, stay within your comfort zone, and not let over exuberance take over.

Commentary by Joseph Robert, Broker of Record

August 2022: What Will The Fall Bring?

The August TRREB stats came out on Friday and it was with no surprise that unit sales volume was way down year-over-year by 34.2%. This is an 11.1% improvement from what we witnessed in July but still a large figure. Most interestingly, the average sale price in Toronto continues to be positive, up 1% from last year. Condo sales were also up 3.6% and Freehold homes were down 3.1%.

What will September bring now that the Labour Day weekend has passed and school has started up again? Will we see more quietness as we did this summer, or will homeowners start listing their homes and will buyers being focusing on purchasing again? I say yes to the latter, but with an asterisk*. Sales will increase as people refocus on their housing needs (upsizing, downsizing, “rightsizing”) but not to the overheated level we saw at the beginning of 2022.  Sale prices will also be up marginally as a result of the increase in volume.

We expect September will show a wait and see attitude as many will stay on the sidelines until the post-summer dust settles to get a sense of the market. The challenge is if everyone continues to do this into the fall it will be hard to get a good gauge from others. Add to this another 0.75% interest rate increase and Canadians may be thinking hard on their options.

During these times our strategy, and what we tell our clients when listing, is to price your home at today’s market value. Don’t look at February 2022 (market peak) but look at September 2021 before pandemic inflation took effect. When purchasing, don’t get caught up in a frenzied bidding war and make sure your purchase is what you truly want. Take the time to consider your options, do your due diligence, and think about your next move.

Commentary by Joseph Robert, Broker of Record

If I Had A Crystal Ball

That is what I think and sometimes say to the question, “How is the Real Estate Market going to be this fall?” There is definitely uncertainty and the high end of the market has not been immune either. Buyers have become more trepidatious and less willing to be impulsive when their financial portfolios have taken such a hit lately.

We all love a good story, so the media likes to fuel this fire and present the public with stats that often aren’t relevant or need to be taken in context. When we hear figures quoted nationally and neck-snapping headlines that follow they are good to note and follow along with, but how relevant are the sales in Saskatchewan to those in Davisville? We need to take a more focused approach and be concerned more with what’s happening on a micro-scale rather than take the macro-outlook. When discussing home prices, Toronto really needs to be looked at as a collection of communities where pricing and market characteristics can differ greatly, even if you just cross the street into a new neighbourhood.

This fall we expect buyers and sellers to have a wait and see attitude for Toronto real estate. This is natural as Canadians are generally a “wait-and-see” group anyways, but especially after the extremely frothy market we experienced calms down for the first time in recent history.

Concerns over interest rates and higher borrowing costs are of course weighing on people’s minds as well, with at least one more hike expected before the end of the year. This is why in conversations with clients I try and put into context that although rates are rising, historically speaking they are still comparably low. As shown above, it wasn’t until the 2008 Financial Crisis that rates dropped below 2% and since then central banks have been steadily raising them. When the pandemic started rates were once again slashed to near 0% to buoy the economy and financial markets. Now they are being raised, albeit it rather sharply, back to more sustainable levels.

This fall we expect to see a more reasonable market in which there will be bidding wars and also some homes listed with “offers anytime”. The market is not in freefall but we are going through a period of adjustment where buyers and sellers will be on a more even playing field and investors may have to temper expectations for the time being.

Commentary by Joseph Robert, Broker of Record

JULY 2022: IS IT AS BAD AS IT SOUNDS?

It’s not surprising that when TRREB released its July numbers on Thursday, the headlines were that sales were down 47.4%! However, typical of the media sensationalizing things, this was year-over-year sales volume. Sale prices were actually up 1.2% from July 2021, a sign that the market hasn’t “crashed” or that the “bubble has burst.”

Volume is down right now partly because we are in the depths of summer, which is historically a period when there are less sales as people enjoy the warm weather. Whereas the summers of 2020 and 2021 bucked this trend due to the pandemic, and in fact, volume was also down 15% in July 2021 from 2020 despite the market being red-hot last year. The rest can be attributed to the uncertain economic environment we find ourselves in, the result of rising inflation combatted by numerous interest rate hikes this year with more expected to come.

It may be prudent for buyers and sellers to take a “wait and see” attitude until the fall when we have a better picture of where the market will be. However, buyers in the luxury market cannot afford to take the same approach when there is such a limited supply. The “right” properties are not lasting long so buyers must be prepared to act or risk losing out.

We must take a long view of the real estate market and remember why home prices are so consistently strong in Toronto; Conde Nast just named Toronto the 7th best city in the world to live (Calgary and Vancouver were also on the top 10 list), we have an enormous shortage of homes to meet demand in the GTA and Canada at large, and lending rates may be rising but they are still some of the lowest we’ve seen historically speaking.

That said, the fall real estate market in Toronto will be interesting. We expect savvy and educated buyers and sellers who take the extra second to think about the long-term will come out doing very well.

Commentary by Joseph Robert, Broker of Record

June 2022: The Trend Continues - Sale prices rise as the number of transactions fall

For the past few months and especially in June, most people when speaking about the Toronto Real Estate market were talking about the “drop in the market” or “it’s becoming a buyers market” or as two articles in the Globe and Mail stated “In Toronto, buyers gain the upper hand” and “In Ontario, real estate buyers are holding out for a price cut”.  Most of this conversation is based on the drop in market volume and price from its high of February and March where we were seeing +20% year-over-year price increases.  I am a golfer and this is like comparing your best golf round EVER as your new standard.  It doesn’t make sense.  May saw a 9.4% year-over-year increase in the TRREB area but people were still talking about “the drop”.

June was indicative of this trend.  Unit volume was down 41.4% from June 2021 but average sale prices were up 5.3% year-over-year.  A modest increase compared to February and March but still in the positive.  Not surprisingly, June 2022 sale prices were down 3% when looking at May this year.

Sellers (and buyers) will need to adjust expectations.  Greed by sellers won’t be as common and buyers will be able to find deals or at least better value out there.  This is good and reasonable.  I have been telling my clients for a long time that 8-10% price increases are a healthy “balanced” market which both buyers and sellers can understand and value, whereas 20% is not.  It isn’t sustainable nor is it healthy. As a result, June experienced a healthy market adjustment because of increasing interest rates and higher cost of living due to inflation.

As we move into the summer months we are entering into what is traditionally the slower season, especially now that COVID-life is largely behind us, as kids are out of school, families take time off, go away, or just have other things on their mind besides purchasing a home.  Come September when this changes, we expect the volume of homes sales and prices will continue to move up from 2020 and 2021 numbers.

May 2022: The Toronto real estate market has seen a steady decline in transactions over the last year, but prices have stayed steady. What does this mean for you?

If you're looking to buy, it means you should take advantage of the opportunity while it lasts. With fewer transactions happening, there's less competition—which means you can get exactly what you want at the price that works for you.

If you're planning on selling, it means now is the time to do so! This is a great time to sell because there are fewer people competing for your house, which means if you have an attractive listing and a good listing price, someone will likely snap it up quickly.

And if you're thinking about investing in real estate? It's never been a better time—especially if your focus is on buying up low-cost properties that can be rented out and resold later with minimal hassle or stress.

May was a great month for real estate, but there were some surprises in the numbers. Year over year transactions were down 38.8%, which is not surprising as this is a continuing trend leading to the high demand. What is surprising, or maybe not, depending on who you are, is that prices were up 9.4% from last May, which is less than the last few months when we were seeing 15% and 22% average price increases.

The market seems to be settling into a new normal: an 8-10% price increase compared to the last several years' average of 20%. This change is being driven by lower-price homes, which are seeing less demand than they used to while high-end luxury homes remain in high demand.

While the market might seem unpredictable, there are usually some good reasons for the fluctuations we see. With an in-depth analysis of previous trends and a discussion of current events, we can gain some insight into what's likely to happen in the future. These insights can help us make better decisions in our own lives—whether that means deciding to purchase a new home now or waiting until the market has slowed down even further, or deciding that now would be a great time to sell your home. The Toronto real estate market is complicated, but it doesn't need to be feared.

April 2022 Market Analysis - Toronto Real Estate

April dollar sales are up again!  Don’t believe the media.  CBC News (amongst others) had the headline a few days ago “April's home sales down 41% from last year, 27% since March: Toronto realty board”.  What they failed to mention is that this is sales volume (ie number of homes sold) not dollar sales.  While volume sold is an interesting stat as it speaks to demand and when demand drops so should prices because the inventory will then go up.  Not in the case of Toronto Real Estate where the demand is so artificially high that the demand seems to need to drop more than 41% to see prices go down.  April 2022 vs April 2021 prices were UP 15%.  This is not as much as in previous months but still too high for a healthy “balanced” market (which I feel should see prices up around 6-10%).

The interesting trend is that we are historically in the middle of the Spring Market, the busiest time of the year both in volume and sales but this year we don’t feel it.  Yes the weather has not helped and there is a new COVID wave of infections but in April 2019 (pre-pandemic) there were 9,042 sales in TREB compared to April 2022 where there were only 8,008.  I don’t know if this is a trend that will continue with more of a flat line in sales volume as opposed to the historic spikes in both volume and prices in the Spring and Fall (to a lesser extent).  If it is, it will help with a more balanced real estate economy as sellers and their agents wont top load their listings for these periods thus we will have a more consistent sales cycle throughout the year.

The Spring Market used to go from Easter/March break (which was late this year) to May 24 long weekend.  Lately we saw it stretch to the end of June as Spring weather has seemed to start later and later.  The next few months will tell the tale if that is true for this year or not.

February 2022 Market Analysis📈🏠

February continued to show a large increase in dollar sales (up 27.7%) while sales volume was down (16.8%).  The demand for new listings vs the low supply is the biggest reason for this dollar sales increase.  TRREB believes that we will see “a more moderate pace of price growth in the second half of 2022”.  One of the biggest reasons for this will be the interest rate increases that are scheduled throughout the year that could go up 1.25%.  The first increase of 25 basis points was on March 2.

A 27% increase in dollar sales in not sustainable and the TRREB predicted last month a 12.5% increase in overall home sales (condos and houses) for 2022.  Even 12% is prohibitive for many first time buyers but 27% is unhealthy.  Once again, I feel that increasing the supply of new homes (including condos) will lessen demand and give a more balance home buying market.  By balanced I fee 6-8%.  Doug Ford’s announcement on January 19 to decrease unnecessary delays and pledged a $45million fund to “cut red tape and sped up the process of managing and approving applications for building new homes.”

2022 Toronto Real Estate Market Outlook

Before I start this year’s summary, I wanted to answer one of the common questions that I am asked’ “When is the bubble going to burst”?  I am asked this or some variation of this. Firstly, I am at fault as much as anyone else for using metaphors especially when we read the so called “experts”.  The answer is that we aren’t in a “bubble”, we are in a supply demand economy where the demand far exceeds the supply and there is NO sign of that stopping.  Depending on what report you read, we are 1.5-1.8 million homes short of the demand in Canada and this number is only growing as we see more immigration and growth.  So the estimates for 2022 see further prices rising as they have basically since 2000 with no reason to stop.

2022 Market Outlook and 2021 Year in Review – SUMMARY

Below is a summary of the 28 page document that TRREB put out on February 3, 2022.  The link to the FULL DOCUMENT is available here

Demand for home ownership will remain strong throughout all of TRREB (GTA):

• Total sales in 2022 is predicted to reach 110,000 which is a dip from 2021 but strong compared to previous years.

• The average selling price for all home types will climb to $1,225,000, a 12% increase from 2021.

Key Findings:

• The number of prospective buyers will dip, including first time buyers.

• The number of current homeowners who want to sell will also go down

2021 Year in Review

In 2021 there were a number of record breaking months of sales.

Takeaways:

• Average sale price was $1,095,475 – up 17.8% from 2020

• A strong resurgence of condo sales

• Total home sales reached 121,712, exceeding the previous record set in 2016 and up from 95,0666 set in 2020

What trended in New Homes:

• Single family new home sales started strong in 2021 but lost steam later in the year with total sales being down 20% from 2020

• Pre-construction condo transactions continue to soar with the City of Toronto and Durham Region leading the charge

2022 Market Outlook: Highlights and Key Drivers *

*Survey results from ipos

Demands for residential real estate in the GTA remained at or near record levels through the 2nd half of 2021. TRREB is forecasting another strong year for 2022.

As previously mentioned, home sales through TRREB will fall off to 110,000 but average sale prices will increase to $1,225,000 representing an approximately 12% increase compared to 2021.

There are a number of factors influencing this forecast:

• Labour Market Recovery – positive impact

• Immigration renewal – positive impact

• As a result of the pandemic and historically low interest rates, many families purchased before they had planned to, thus “artificially” pushing sales volumes up in 2020 and 2021 which will catch up in 2022 pushing sales down – negative impact

• Higher borrowing costs. The general consensus is that there will be three .25% interest rate hikes in the year (the first one might be .50%) – negative impact

• Lack of inventory

  • Sales – negative impact

  • Prices – positive impact

Polling also suggested that home buyers who were VERY committed to buying in 2022 remain committed while those who are the fence may hold off for a year.

Further to this is an interesting fact about “first time buyers”.  It seems that the overall first time home buyer intentions seem likely to drop in 2022 compared to 2021 while in the “416” area code this percentage will actually go up.  This is likely a result of the resurgence of the condo apartment demand we experienced in the latter part of 2021.

New Home and Condo Sectors

• Combined, 2021 new home sales were up 23% for the first 11 months of 2021 from 2020 and recording its third best year on record primarily thanks to the condo apartment market.

  • Condominium sales were up 50% from 2020 and, as stated previously, single family new homes started strong but tailed off to be about 20% less than 2020.

Conclusion

Toronto real estate market will be experiencing significant changes and it will likely see both a rise and a decline. The real estate market is one that depends much more on supply and demand as opposed to the supply and demand of jobs within the Toronto city limits or within the Toronto's suburban area. One of the factors that will have an outsize effect on overall real estate market is expected to be the increased availability of housing which will be coming with the rising of the property taxes in the Toronto city limits.

Cell: (416) 899-6401
Office: (416) 495-3140
Email: joe@glenhomerealestate.com

Never Miss Another Expert Take

Toronto Real Estate Market Update: December 2021

December 2021 is now in the books!  I don’t know about everyone else but in my family, there were 2 trips cancelled over the holidays and Christmas dinner went from 9 down to 4.  Omicron really did a number on our dinner, and I know on many others dinners, not to mention vacation plans.

Looking at December Stats, sales Year over Year were up 24.2% but just 2.5% when looking at seasonal growth from November 2021 to December 2021.  This is really a tremendous increase in average sales noting that December 2020 had a large increase over December 2019.  It would appear that January, now that Ontario is in a Level 2 lockdown, with Restaurants closed and many people being laid up with COVID (Omicron) the streets are quieter again and people are not looking at real estate right at this time.  Plus, it seems that many people are going somewhere south (if they can) to get away.  The stress that the pandemic has had on families and individuals is immeasurable and its effects will show itself in the years to come.

December transactions were down 15.7% and I see that trend continuing.  All signs are that this latest variant will be short lived and if you have your vaccinations that the effect is less severe, but will it run through Canada by February or maybe March or we could say April?

 Once again, be well and be safe.

Toronto Real Estate Market Update: November 2021

November sales continue to break records. Selling prices up 21.4% Year-over-Year and 2.5% from October and Days on Market down 35% from 28 days to 18 days. With this, new listings are down which is driving up prices (supply and demand).

What is interesting, the area of Rosedale and Moore Park (C09) is having a very aggressive Fall, with prices up over 20% each month and unit sales up.  2021 will show the strongest unit sales in years! The other area that I watch is C02 which encompasses the Annex, Seaton Village, Casa Loma and Yonge and Summerhill (west of Yonge). This area also has seen prices and unit sales go way up year-over-year with the highest unit sales in 4-5 years and dollar sales up 15-20% this fall.

As we enter a “new phase of COVID” with the Omicron virus creating new restrictive travel measures and closing off of Canadian borders to some countries starting in early December it has many rethinking their travel plans for Christmas and the winter months, fearful that we may go back to those shut downs of the spring of 2020. Hopefully this will not happen and all these preventive measures ensure that the new virus is minimized and we go into 2022 with a much more positive and upbeat approach.

While we are in early December and the Christmas lights are out and the seasonal music is playing and stores and restaurants are open and there definitely is a sense of joy (albeit a sense of unsureness as well) in the air I want to wish you all a healthy holiday season and hopefully we can all look around and find a reason for thanks.

Joseph Robert

Broker of Record

Cell: (416) 899-6401
Office: (416) 495-3140
Email: joe@glenhomerealestate.com

Toronto Real Estate Market Update: October 2021

Last month we saw a shift from the first to the second half of the month. The 2nd half of October brought colder weather to Toronto, while the first half we were still able to get away with shorts and tee shirts, it continued with the trend of less sales and prices being flat from last month but high from October 2020 which was still adjusting to COVID prices. Looking at the sales number of October 2019 (back when most of us had never heard of COVID or Coronavirus) we can see $852,000 average sale price (a 5.5% increase from 2018). October 2020 saw a 13.8% increase from 2019 and this past month saw a 19.3% increase from 2020. Obviously, the old adage of listing and selling before Thanksgiving is no longer a rule. A large drop in listings of 34.1% has also contributed to this high demand and thus higher prices.

As I have said in the past, government policies to slow down prices by creating more taxes are short sighted methods of the simple minded. Instead, governments should be looking at ways to increase supply and thus lowering demand by creating more homes in the GTA. One of many ways is by helping builders build more residences whether they be Condominiums or Freestanding homes.

As I said last month, I feel that a normalization will continue, and we will see prices for the winter of 2022 go back to a “normal”. But a new normal it will be if demand remains high.

Joseph Robert

Broker of Record
Cell: (416) 899-6401
Office: (416) 495-3140
Email: joe@glenhomerealestate.com

Toronto Real Estate Market Update: September 2021

TRREB just brought out their September 2021 sales figures. Not surprisingly, prices were up 18% year over year but when seasonally adjusted, they were only up 1.8% from August 2021. Volume was drastically down 18% year over year and only slightly up by 0.7% from August 2021.

This is due to the fact that in September 2020 we were still seeing the impact of COVID pricing, lower interest rates and other items that were effecting the real estate market. The basically flat numbers from the previous month speaks to a “levelling off” of demand this fall to a steadier market where we are going to be getting back to a range of 6-8% market value increase. What is interesting is in the luxury home market where in C01-15 (Central Toronto) the volume of $5M homes sold in September 2020 vs 2021 rose from 12 to 23, an almost 100% increase.

I believe October will continue in this trend of 10-12% increase in prices from 2020 and a mild increase in prices from September.

As always, if you have further questions and/or wish to discuss real estate specifically as it concerns you, please don’t hesitate to contact me.

Joseph Robert

Broker of Record
Cell: (416) 899-6401
Office: (416) 495-3140
Email: joe@glenhomerealestate.com

Toronto Real Estate Market Update: August 2021

August 2021 continued to show strong results with prices up 12.6% Year over Year and 2.4% from July (seasonally adjusted). As I said last month, the Year over Year numbers are starting to come more in line as the “COVID Effect” of the Spring and Summer of 2020 takes on less of an impact. This month of September and going forward we should see Year over Year numbers come back as the key, true, indicator as to market changes.

What is interesting is a slow down in the market (less sales) in August of 19.9% from 2020 and 2.7% from July. I personally feel this could be a result of the great, extremely hot, weather we had in August and with restaurants, bars and other service establishments reopening indoors and more people getting on planes and travelling on vacations.

September is going to be more “normal” with kids going back to school, more people going back to work in actual offices and people trying to move forward with their lives.

Joseph Robert

Broker of Record
Cell: (416) 899-6401
Office: (416) 495-3140
Email: joe@glenhomerealestate.com