Couples struggle to buy a home in a surprisingly fired up COVID-19 market
TORONTO -- People looking to buy a home in the Greater Toronto Area are facing stiff competition to secure their purchase.
Peter Yu and his wife are currently learning what it’s like to be buyers in the Yonge Street and Eglinton Avenue area.
“There’s a lot of competition still in the market. It’s not what we were anticipating, but it’s a process we’re working through,” Yu said.
The couple started looking into purchasing a home in the city in May. They missed out on one house already after they were out bid by five per cent.
As COVID-19 pandemic lockdown restrictions have lifted, findings from the Toronto Regional Real Estate Board show a fired up market.
Sales in the month of May compared to June spiked up to 89 per cent, and the average selling price for all homes in June was $930,869 — up 11.9 per cent compared to last year.
Bosley Real Estate Broker Davelle Morrison told CTV News Toronto Tuesday that there are many people who have decided they want to buy a home after being cooped up for months.
She said people living in condos are looking for homes, and people with homes are looking for cottages.
Morrison said she’s aware of several properties in the GTA which received multiple offers and is aware of one place in Toronto’s west end that received dozens of bids before it sold over the asking price.
“We got a bit of pent up demand and now the number of showings is basically back to pre-COVID levels. Everybody is ready to get out of their house and they want a new home,” Morrison said.
Morrison’s advice for buyers is to get a mortgage broker, have finances lockdown and do research.
Toronto couple with $1.1M budget looking to buy a home for a year
Together for a decade, Grégory Thinet and husband Jason Chow would love to upgrade from their two bedroom condo and buy a house.
They want a backyard, and have more space for pets and family.
“It’s been very frustrating to find our little piece of heaven because of how crazy the situation is in Toronto,” Thinet said.
The couple both have steady employment, but said they have yet to put in an offer because many properties sell for two to three hundred dollars above the listed price and therefore are out of reach.
“We’re hopeful. We’re always hopeful,” said Chow.
“This is our next step in our life, and we’d like to take it, but we can’t right now.”