OMJ Mortgage Capital is happy to be the mortgage broker in Toronto with the news you can use. This is especially true when the news is good and that’s the case with some recent housing report numbers.
The Toronto Regional Real Estate Board (TRREB) advises there’s been a “strong rebound” in Greater Toronto Area (GTA) home sales in August. In fact, the 10,775 sales reported are up 40.3 percent—a new record for that month.
A few different factors account for this good news. Some of these like the low cost of borrowing affect our ability to get you the best mortgage rates. The numbers from TRREB also point to improving employment and GDP growth.
These are all pretty standard aspects and what you might expect from an improving housing market. However, there is one lever being pulled due to an unforeseen event.
COVID 19, Vacations and More Mortgage Broker Toronto News
The report says fewer people have decided to go on vacation because of COVID 19. People who have stayed behind in the GTA are more active in the housing market. The other factor coming into play is the pent-up demand left over from the spring.
Jason Mercer is the Chief Market Analyst at TRREB. He points to a few market segments buyers should consider before they start looking for a first or second property.
“Generally speaking, market conditions remained very tight in the GTA resale market in August,” he writes in a TRREB news release. “Competition between buyers was especially strong for low-rise home types. Condo market conditions were comparatively more balanced, which was reflected in a slower pace of price growth in that segment.”
OMJ Mortgage Capital is happy to be the mortgage broker in Toronto sharing good news. Get in touch with us today to learn more about the services we provide.
