The month of June in a typical year in Toronto real estate is one where the sales volume of our oft frenzied spring market have passed, and we start to slow down as we head into the summer months of hopeful gorgeous weather, fun times and much needed relaxation.

Home buying still happens in July and August, but usually at a more relaxed pace and with less buyers and sellers participating. It’s a welcome time by all involved in the real estate industry as the preceding months are often filled with high activity and stress levels that everyone needs a break from.

But what will the summer of 2020 bring us after a never seen before spring market forced us into restrictions and in some cases shutdowns due to the world-wide pandemic Covid-19?

If the sales activity of June 2020 are any indication, and the sales activity I’m seeing so far hold up, we might be in for a very busy summer. In Toronto’s east end neighbourhoods (Don Valley-Victoria Park; Lake-O’Connor) pretty much every house listed under a million dollars that’s worth owning is selling. And many of them are selling I’m multiples.

On the condo side the numbers aren’t as impressive but that’s because there are more less desirable units clogging up the market currently. But multiple offers are happening frequently here as well, which ties in to what was happening before Covid hit, and we went into lockdown.

January and February this year as we know was off to a very heightened start. Little supply and plant of demand was fuelling a quick rise in prices and properties across the GTA were being snapped up. Well, this is where we sort of are again now. Low inventory (continues to be a problem across the GTA) fuelled by the desirability and overall stability of owning real estate. The strength in number of offers when in multiple may not be the same. But prices have yet to see a negative and this is what can seem to some as baffling.

We are still working through a pandemic not seen the likes of in a century, we have record high unemployment rates, consumer confidence is down overall. But Toronto real estate is still on fire?

Actually, my Realtor sphere of agents spread across the GTA have been telling me it’s the same in many of their markets. 8+ offers on a townhome in Burlington. 31 Offers on a Triplex in Hamilton. Multiple offers on a home in Tottenham, selling well above the perceived value by some. Look up Tottenham, it’s a cute little place that many don’t even know exists.

My thoughts are that the pent up demand will continue to push June’s market into what looks like a “we’re back to normal” feeling. And as we get more information around the economy coming back on line and the hopeful progress with Covid, the following months will start to show if we have landed right back to pre covid times, or, what the new normal that lies ahead may be.