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Entries posted January 2021

Bidding wars in a pandemic

Good Morning, I hope I am finding you strong in this new lockdown period. Despite an unprecedented year due to COVID-19, including necessary public health restrictions and uncertainty surrounding the economy. We experienced new records, in the GTA since January 2019 the average price arrived at $929,699, up 24%, that represents over 7,800 Dollars profit per month! In 2020, after a pronounced dip in market activity between mid-March and the end of May, market conditions improved dramatically in the second half of the year, with multiple consecutive months of record sales and average selling prices. “While the housing market as a whole recovered strongly in 2020, there was a dichotomy between the single-family market segments and the condominium apartment segment. In Oakville and Burlington, the supply of single-family homes remained constrained resulting in strong competition between buyers and double-digit price increases. Detached homes average price from January 2020 to December 2020: Oakville • had an Average Price going from $ 1,368,664 to $1,731,125, • resulting in an increase of 26%. Burlington • had an Average Price going from $ 1,033,960 to $1,358,149 • with a result of +31%. These numbers are the results of the complete lack of supply, nothing sells without multiple offers. The next 12 months will be critical as we hope for a path through recovery. In particular, the impact of resumption in immigration and the re-opening of the economy will be key. Looking forward to keep connected to you and meet again in person very soon. Emmanuelle

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