MARKET UPDATE FOR THE WEEK ENDING MAY 15TH, 2020
The mid May market update provides a comprehensive look at the state of our market during the government shutdowns. Sales were down 69% compared to the same time in 2019. Most affected were high end ($2 million+) detached homes and the condominium market where sales fell 72% year over year. Condos have traditionally attracted a high share of first-time buyers, who in times of uncertainty can put their decision to purchase on hold.
The number of new listings were also down on a year-over-year basis by 63.7%. Overall, the average selling price across all types of homes fell by 1.5% to $819,665 in the GTA and $885,371 in the City of Toronto. The fact that new listings trended in a similar fashion to sales during the first half of April means that market conditions remained tight enough to provide support for the average selling price to be in line with 2019 levels.
The state of emergency measures currently in place, including the necessary enforcement of social distancing, has impacted the real estate market in many ways. Home buyers and sellers have concerns about the economy and indeed their own employment situations. On top of this, many buyers and sellers are avoiding any type of in-person interaction. In the condo market, some condo corporations have prohibited entry for non-residents making it difficult to show.
All of the COVID-19 related issues and measures have translated into a temporary drop in the number of transactions – a drop that will persist until we experience a meaningful and sustained decline in the number of cases. There is an optimistic view among some industry players that sales will rebound once restrictions on physical distancing are lifted. As we recover from this temporary downturn, potentially later this year, home buyers will move off the sidelines as they satisfy pent-up demand for ownership housing.
Your health and well-being is important to Stafferton Real Estate Services. We believe in working for you in a safe and responsible manner providing gloves, masks, sanitizing stations, Stafferton Real Estate Services is ready to deliver results when it is essential!
Patricia Stafferton SRS® Seller Representative Specialist, ABR®, CNE-Certified Negotiation Expert, B.Sc., C.C.S - Certified Condominium Specialist
I have lived in Toronto all of my life and I am a graduate of the University of Waterloo.
After completing my University degree I worked in the health care and automotive industry. I have over 20 years of sales and marketing experience.
While catering to the automotive and healthcare needs of Toronto's elite I learned the importance of service. I have transferred this skill to the real estate world.
I have a unique ability to tailor the buying and selling process for each individual client.
I am a skilled negotiator with a track record of excellent results for my clients. I have a genuine desire to strive for the best possible outcome for every client.
I work to provide a professional, private and confidential experience with superior results.
I am a long time resident of the Davisville and Leaside community. Over the years I have specialized in the GTA and Central Toronto Luxury Real Estate market.
I also have the unique ability to work with my clients and make myself available to make their real estate dreams a reality wherever their dream home may be.
Buying or selling a home is a big decision - you need a professional to guide you through the process. I will make the home selling and buying experience one that is well-guided with professional knowledge and explanation every step of the way!
Whatever your Real Estate needs - investing, listing your home for sale, buying a home, or leasing I will guide you through your next Real Estate transaction while offering you unsurpassed quality service. You can TRUST PATRICIA STAFFERTON will always work in YOUR best interest!
What People Are Saying About Patricia
My brother, sister and I recently sold our family home of 62 years in Toronto. We could not have done it so successfully and with such ease without the help of our Royal Lepage real estate agent, Patricia Stafferton.
At our first meeting, Patricia gave us a clear outline of the many steps involved in the selling of a house, and at the end of the process she told us exactly what had to be done for the closing. Throughout we had a good working relationship with Patricia. She willingly listened to our ideas and suggestions and we, of course, listened to hers.
Patricia had a plan of action and kept to it. This included keeping us informed of other houses in the area comparable to ours, hiring an experienced photographer who arranged her photos of the house in an attractive virtual tour, making sure that the virtual tour and verbal description of the house were readily and widely available on the Internet, contacting numerous agents, going door-to-door handing out pamphlets advertising the sale of the house, and talking enthusiastically with prospective buyers.
Patricia went beyond the call of duty! She helped us with the huge task of organizing and disposing of the contents of the house, advised us on how to make the house more sales worthy and encouraged us when our spirits were flagging or when a task seemed unachievable.
Patricia Stafferton is a spirited and resourceful person. She works hard and cheerfully, radiating good will and positive energy. My brother, sister and I felt blessed both to get to know her as a person and to witness her skills as a fine real estate agent. A very talented lady!
Reet Pintson (Home Sold in Davisville)
Patricia Stafferton is a Great lady...very meticulous, focused and friendly. A strong partner and exceptional work ethic so she was an excellent choice as an agent to help realize the dream of home ownership. John Ramsbottom (First Time Home Buyer)
"I needed a lease agreement written up and I was under strict time constraints. Patricia Stafferton knew exactly what I needed and walked me and my future tenants through the process so we both understood exactly what was happening. I was so impressed with how fast the agreement was completed. It was a stress free experience for me because I felt so comfortable with Patricia in charge. Thanks for your great work and I look forward to using you superior services again in the future." Jules Jardine, President, World Class Hockey Development (International Hockey Relocation)