Typically, buying and selling in the Toronto market slows way down in July and August. However, summer 2020 was hectic because the COVID lockdown had halted the market during what would have been the busiest spring market yet. So, we’re all wondering if this summer will be as active as last summer or if it will return to a more traditional cyclical market where the activity slows down in the summer and then picks up again in the fall.
Here’s our educated guess: This summer will be slow. We’re not basing this on market conditions or economic indicators. Instead, on the emotions of everyone we know. People are ready to be free! They do not want to spend another moment in their homes without seeing the people that they love. We will collectively be partying, traveling, renting cottages, hosting BBQs, hanging out with friends, and reuniting with family (and getting haircuts. So many haircuts). Probably buying a house or selling a home is not going to be top of mind.
We do not doubt that the market will be robust in September and October when everything hopefully returns to a bit of normalcy. But, in the meantime, what should you do in the summer market?
- If you are a buyer, this is your time. While everyone else is at the cottage, you should be pounding the streets and looking for a new home. Do not waste a quiet period in the market when you’re competition is distracted.
- If you are a seller, do not despair. See above. There are still savvy buyers out there. You may not get 20 offers on offer night, and you may need to wait a few extra days for your house to sell, but chances are you will still sell it for a good amount of money.
- If you are a homeowner, avoid the news. News articles always view a slower market as a sign of a crash. We could show you these articles for every single slow month that the Toronto market has experienced in the last ten years. The market is cyclical, and it goes in and out of hectic periods. The chances are good that the market is not crashing. People are just distracted.
COVID is not over, and we encourage everyone to enjoy the summer safely. Please reach out to us if you have any questions about the summer market.
As always, be safe. — Robyn Vander Vennen, The Kim Kehoe Team
