In February of this year, Carolyn Ireland with the Globe and Mail penned a column entitled “Toronto Home Prices Has Young Families Hitting The Highway.” Although the article in question was written months ago, Ireland’s assertion applies to the current market.
For quite some time now, millennials have been moving out to the suburbs from the city to find more affordable housing. After months of being quarantined in our homes, buyers who were hesitant to say goodbye to their city lifestyle are now coming down off of the fence.
We have noticed a preponderance of agents from Toronto showing our listenings, which is a sign the bulk of buyers shopping for homes in the Oakville, Burlington areas, are coming from the city. Who can blame them? COVID-19 has forced us to work, exercise, and do pretty much everything from home. This has pushed the need for more space, something that comes at a hefty price in Toronto. The suburbs offer more value for your money in terms of square footage. The 905 region also boasts top-rated schools and safe communities.
We have been seeing the trend of city-dwellers moving out to the suburbs for quite some time now; however, the pace at which buyers are making a move has been accelerated due to COVID-19.
No one can say with absolute certainty what the market will look like in the fall. However, at the moment, we are enjoying a healthy supply of buyers that are more decisive than they were pre-COVID-19. The Real Estate market appears to be in a sweet spot. Have you been considering making a move? Please feel free to reach out; we are always happy to be your trusted resource for all things Real Estate.
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