As the cold weather sets in, we bid farewell to a successful and unexpected summer season. Will the 2021 market trends continue with the same predictability, and will fall deliver a pickup in sales, average selling price, and listings? The past month of September saw sales at the third-highest mark on record, and the average selling price is steadily increasing.

Moving into October, we are seeing the rush of new listings that are a bit behind schedule. Homeowners are reluctant and holding back from selling their homes, causing demand to be high with a low supply. Though, this is expected to change as life gets back to normal and people settle into the new ‘Covid-19 norm.’ The past season saw many people packing up and leaving the city in search of more space to support the work-from-home lifestyle. Now with restrictions lifting and borders opening up, it is expected that these people will make the move back into the core to eliminate transit times as offices reopen.

Semis and row houses are expected to see the most movement this fall, as they are still quite affordable and provide that middle ground when it comes to space and privacy. As people flood back into cities, they may not be as willing to switch back to small condo living after having experienced spacious suburban life, and many might gravitate towards semis.

The pricing for detached homes continues to soar to incredible levels, and condos will surely see more and more activity as schools and offices welcome people back. Detached homes will continue to have steady value increases, but the demand might slow down as people take their time to choose the perfect property. Condos will see the opposite, as both end-users and investment buyers will be jumping on opportunities as they arise creating high demands, rentals going for over asking and even bidding wars! Not to forget, pre-construction condo sales will be picking up as they resume launching projects after pausing due to the pandemic.

While we all are hopeful that Covid-19 cases continue to remain under control and life can resume back to normal, it is safe to say the fall real estate market will be an exciting one with some surprises. 

Are you interested in learning more? Contact the Suzy Goldstein Team for up-to-date, reliable information to help you make the most informed decision.