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After inspecting 65 homes in six months and turning down nine offers, Brandi (Brandi Ricci) and her husband finally found the house they dreamed of dream in Hamilton.
They never expected to deal with multiple bidding wars during the pandemic, but Ontario’s real estate sector remained strong, despite a downturn in the rest of the economy since March.
Last November, the Toronto real estate bureau found that home sales in the greater Toronto area increased by 24.3% compared with the same period last year. Sales in Toronto have also increased, but the numbers vary. The reason is that people have been going to the suburbs in search of single-family homes.
“for the first house we offered, we were $200000 higher than the asking price,” Ritchie said. ” “like everyone else, we all work from home, and now everyone wants land and bigger houses.”
Realosophy Realty Inc. John Passaris (John Pasalis), the president, says less popular areas that were once considered unaffordable have experienced some of the biggest booms. He has been tracking pandemic trends and says house prices in Durham rose 23.9% between November 2019 and November 2020. Today, the price of a single-family home is about $150000 higher than last year.
“the hottest area in Greater Toronto is Durham,” Passalis said. “
“if you want a separate house, you want a yard, and all these things have become incredibly popular, Durham is the only area where prices are relatively affordable. York is expensive and Missouri is expensive. So people hurried to Durham (Durham), because the price was a little cheap.
Eager buyers flocked to look for deals, making Durham (Durham) a highly competitive market.
Andrew Ipekian (Andrew Ipekian), a real estate agent, says low borrowing rates are further pushing up people’s dollars. This means that more families are buying larger houses with extra bells and whistles, something they may not have considered before because they are impractical or beyond their price range.
“people are turning into family corpses,” Ipekian said. They want a swimming pool, they want a home office, they want a big kitchen because they are cooking more food. “
“those low interest rates mean they now have the money to get these extra luxuries.”
Those who don’t want to move or can’t afford it are considering other options, such as upgrading their current homes or adding extensions. (MPAC), a municipal property appraisal company that assesses and classifies the value of all property in Ontario, has found that more people are renovating homes this year.
Nicole McNeill, president and chief executive officer of MPAC, said: “as people spend more time at home, people have seen a 28% increase in the number of renovation permits this year because people have invested in the renovation of their houses.
During the pandemic, more and more people in Ontario are renovating or building more houses. The municipal property evaluation company found that the number of decoration permits issued this year has increased by 28%. (Oliver Walters / Canadian Broadcasting Corporation).
Toronto’s once-soaring apartment market is an industry with falling sales and prices. Experts point out that there are many reasons for the decline, from the suspension of immigration to college students staying at home, rather than moving to the city and renting apartments.
As apartment residents work at home, more space is needed. Many people are giving up their units and going outside the city, so there are more units to be sold now than in the past few years.
“by 2020, Ontario will build more than 36000 new residential units and 16000 residential condominiums,” McNeil said. “
With the introduction of the COVID-19 vaccine and more people returning to the office, experts believe that the apartment market will rebound. In fact, it may have happened already.
“We are now starting to see investor demand coming into the market, which could slow down the downward trend we are seeing right now,” Pasalis said.
Ipekian agrees with him, saying what he sees is the Boxing Day sale of apartments in downtown Toronto, where first-time buyers or investors can strike a very good deal.