None of us would ever have expected to see a blog post with a title like the one above when the COVID-19 lockdown started last March. While homeowners, buyers, realtors and just about everyone else expected a downturn in residential real estate, the housing market (with the exception of a brief lull in April/May) has continued to make gains.
However, “gains” really isn’t a strong enough word to describe the current market. Midsummer, headlines appeared everywhere touting the fact the real estate sales were at their peak highest since 2007.
If 2007 doesn’t sound that long ago, it was before the “Great Recession” of 2008, before Barack Obama was elected U.S. President, and was the year the first iPhone was released!
So just what was all the buzz about? As reported by BlogTO, last July there was an increase of 36% in new home sales across Toronto and the GTA. And prices increased by 18.9% for new condos and 8.3% for new homes, versus one year ago.
York Region Real Estate Market
In the same report, York Region was cited as having the highest number of sales in new condos and new single-family homes in the GTA at 855, beating out Peel Region (809) and Toronto (783).
Sales of existing homes in the York Region are increasing too. According to the Toronto Regional Real Estate Board (TRREB), home sales in York Region increased 31.7% in August versus August of 2019, to 1,933 from 1,319.
What does it all mean for Vaughan, Richmond Hill and Markham real estate? It’s impossible to predict the future of the housing markets. That’s why home buyers and sellers need the expert advice and guidance of the local real estate specialists on The Tar Team.
To learn more about the Markham real estate market for first time buyers, check out our article “Thinking of Buying Your First House in Markham? Start Here”.