The Holidays Aren’t Stopping Homebuyers This Year - December 17, 2020
Ian Walterhouse
Thursday, December 17, 2020
The Holidays Aren’t Stopping Homebuyers This Year
We are only days away from the holidays, yet finding the perfect holiday gifts for friends and family is certainly still top of mind for many right now. This year, there’s another type of buyer that’s very active this holiday season – the homebuyer.
Recent statistics from Toronto Regional Real Estate Board shows that compared to November 2019, the November 2020 number of listings increased by 33.5%, the number of real estate transactions increased by 24.3%; and the average selling price increased by 13.3% in the GTA.
In York Region, trends are the similar:
• The number of new listings increased by 37.1%
• The number of transactions increased by 43.9%
• The average selling price increased by 10.9%
Why is the traffic so active?
The health crisis definitely put homebuying plans on pause for many earlier this year. Buyers, however, are in the market and making moves well past the typical busy homebuying seasons of spring and summer. One of the main reasons buyer traffic has continued to soar in the second half of 2020 is how dramatically mortgage rates have fallen.
Bottom Line
There are first-time, move-up, and move-down buyers actively looking for the home of their dreams this winter. If you’re thinking of selling your house in 2021, you don’t need to wait until the spring to do it. Your potential buyer is very likely searching for a home in your neighborhood right now. If you are looking to make a move or are interested in more statistics in your area, give me a call at 416-522-1112.
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