According to local realtors, lifting
restrictions has caused a market bounce
Toronto might see a busier than normal real estate market over the summer as COVID-19
restrictions lift and more people become fully vaccinated, according to brokerage agents.
Sotheby’s International Realty Canada agent Elli Davis predicts
a “very busy summer.”
“I’m seeing good activity, really everywhere,” she said. “The
weather’s better and people are just coming out and doing what they wanted to do six months to a
year ago.”
“Summer can provide you the best opportunity”
Davis said that prices have “levelled off ” but are still higher
than normal, and bidding wars are continuing in some cases as
supply levels remain fairly low.
Barry Cohen Homes vice president Justin Cohen agrees that the summer will be busier
than usual, but the rush may come later in the summer as buyers and sellers take a break to
enjoy lifting restrictions.
He said that although much of the activity over the last year has been among young families, the
60 plus age group will soon be on the hunt due to vaccinations.
“That age group hasn’t been that active the last year and a half,” he said.
Cohen also predicts that easing travel restrictions will bring foreign buyers to the market and
give it more fuel.
However, Chestnut Park real estate agent Jamie Dempster
doesn’t completely agree that summer 2021 will be as hot as last
year’s summer and expects “more of a normal seasonal slowdown.”
That slowdown already began after the May long weekend, with
prices down five to 10 per cent, according to Dempster.
Although Cohen thinks that buyers will be back to shop in the
latter half of the summer, Dempster predicts it will happen
late in September, which tracks with typical pre-pandemic trends.
That makes this summer a good time for buyers, according
to Dempster, since there will be less bids and lower prices — but
still higher than average.
“This summer will prove to be a lot less stressful of a buying process than it was in February,
March, April of this year,” he said.
“Sometimes the summer can provide you the best opportunity.” —Eric Stober
