So much activity in the market – the desire to move during the pandemic has not died down. Market frenzy continues and now condos are in low supply and high demand. It looks like prices of condos are starting to bounce back up to where they were. Hard to find a bargain. We are expecting a surge of immigration after the pandemic and we anticipate that they will join in the buying frenzy. Hence we anticipate prices of homes and condos to continue to rise this year.

Higher end real estate market is really moving and prices are going up. There was a time when it wasn’t so easy and fast to sell a listing over $5 million. Now the process can be quick and these homes can attract multiple offers, selling for record prices. This is definitely a pandemic induced situation when the comforts of home are becoming so much more important. Costs of renovating continue to rise. What cost $50,000 a couple of years ago is now $75,000 – 50% more. That translates into $100s of thousands on a build. It’s tough to swallow but people are paying.

The house and condo market is extremely busy with so many in multiple offers. We listed a house and a condo last week. In 4 days the house has received over 90 appointments. The condo is also very busy. Both are not taking offers until later this week. Sellers used to look at pre-emptive or bully offers but in the current market most aren’t looking at offers until the offer date. It’s just too busy and most times it pays off to wait. The frenzy is exhausting for buyers, sellers, and for agents. We expect it to be quite busy through this year. The pandemic has spurred a lot of movement and we aren’t done yet.

Nothing is stopping buyers – snow, pandemic, virus variant, vaccine shortages, lockdown. Buyers are still scrambling for houses and now even condos are starting to get multiple offers. Toronto keeps going up in value and so does cottage country. Maybe a new perspective for many – if we are going to spend so much time at home let’s make it comfortable. Pandemic may have highlighted the value of a home – its maybe something that we didn’t appreciate as much before. Home has become our safe place and for many their sanctuary.