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Residential transactions for May 2020 were down 53.7% compared to the previous year and the average selling price increased 3% for that period. We expected a banner Spring season in 2020 and no doubt COVID-19 and its challenges contributed to these results. Less listings on the market generally causes more competition for those properties and despite the assumption that less buyers are out looking to buy given the COVID crisis, I am witnessing and/or participating in multiple offers for semi's and detached freehold properties and entry level condos.
Changes were just announced from Canada Mortgage and Housing Corporation, CMHC that effective July 1st, 2020. In order to mitigate its risk of CMHC insured mortgages, new applicaitons for homebuyers will have the following changes as taken from its June 4, 2020 press release.
These changes may cause a run-up on purchases for those who wish to close before the end of this month and who are effected by these changes. I expect the condo market may see some increased volumes over the next few weeks in the first time buyer size category.
The IPSOs consumer intention polling results in May indicated that 27 per cent of GTA households were likely to purchase a home over the next year, according to Michael Collins, Toronto Regional Real Estate Board President.
These facts indicate that currently, we remain to be in a sellers' market and as we continue to adapt to buying and selling real estate in the the GTA during COVID, this sellers' market should continue.