Monthly Market Updates

Toronto Real Estate Market Report – May 2020

May traditionally marks the busiest month for real estate in Toronto… this year – not so much. Self-isolation,  social distancing, and the overall uncertainty of the future reduced much of the activity we typically see in May. However, activity did start to pick up towards the end of the month!

April marked the first month of full lockdown, and really set the benchmark for comparison purposes. It’s important to distinguish market activity with pre and post COVID-19 numbers to get an accurate pulse of where the market is heading.

In May – sales, listings, active listings and prices posted much higher numbers than in April. Sales and new listings doubled (over 50%), month over month, and the average price increased to $863,000 (an increase of more than 5%). Speaking from my own experience, I also witnessed a huge uptick in emails, calls and showings on my listings. 

Because context is important, now more than ever, it has to be said that May typically records the highest numbers of the year… but not so in 2020. 

On a year-over-year (YOY) basis: sales were down by over 75% and new listings by 54%. We also saw a 68% increase in days properties sat on the market – a clear indication of a much cooler May. Prices did see a small gain of nearly 3% compared to May 2019, but still much less than the double-digit appreciation we saw in Q1 (January, February and March) of this year!

Detatched Houses

  • 432 sales took place during the month of May
  • 119 more homes than the previous month (38% increase in sales)
  • 748 fewer homes than the previous year (63% decline in sales)

  • The average price of a detached home was $1,422,273
  • Up $172,543 compared to the previous month (13% increase in price)
  • Up $37,280 compared to the previous year (2.7% increase in price)

Semi Detached Houses

  • 164 sales took place during the month of May
  • 38 more homes than the previous month (30% increase in sales)
  • 244 fewer homes than the previous year (59% decline in sales)

  • The average price of a Semi-Detached home was $1,143,322
  • Up $46,000 compared to the previous month (4% increase in price)
  • Up $92,790 compared to the previous year (8% increase)

Town Houses

  • 164 sales took place during the month of May
  • 56 more homes than the previous month (51% increase in sales)
  • 202 fewer homes than the previous year (55% decline in sales)

  • The average price of a Town House was $794,626
  • Up $9,727 compared to the previous month (1% increase in price)
  • Down $1,463 compared to the previous year (0.18% decrease in price)


  • 727 sales took place during the month of May
  • 245 more sales than the previous month (50% increase in sales)
  • 1,102 fewer condos than the previous year (58% decline in sales)

  • The average price of a Condo was $674,028
  • Up $61,728 compared to the previous month (10% increase in price)
  • Up $31,137 compared to the previous year (4% increase in price)


  1. In April, the Government put a ban on short-term rental services (think AirBnB). As a result, we saw a lot more rental units come to market in the condo sector.  With an oversupply of available units, we saw rent prices come down significantly. The government has lifted its short-term restriction, so we’ll see the impact this may have on the supply of condo rentals.
  2. Canada Mortgage and Housing Corporation (CMHC) is in the process of announcing stricter lending criteria for anyone purchasing with less than 20% down. This could create a mini push for buyers into the market before the new rules take effect.
  3. Bidding wars are back. I’ve seen several houses sell way over asking (and market value) in the last few weeks. Much of this can probably be attributed to the pent up demand from months prior – curious to see if this continues into the traditionally quieter summer months!
Advice For Buyers Video Blog

How Will the B-20 Mortgage Guidelines Impact Your Purchase?

For the second time this year, new guidelines are being introduced that will impact how Canadians get approved for a mortgage… and for the second time this year, a lot of people are confused by what these changes mean! I’ve put together a short video to better explain who IS and ISN’T affected by it, and what it all means.


10 Ways The New Changes May Impact You

  1. The new guidelines would introduce “STRESS TESTS” for all purchasers taking out a mortgage with MORE than 20% of a downpayment.
  2. If you’re putting LESS than 20% down, taking a VARIABLE mortgage, or a term of less than 5 years – you’re already subject to qualifying under a stress test. No change to this segment of the market.
  3. If you’re putting down MORE than 20% – you too will also be subject to the test.
  4. The guidelines will require purchasers with more than 20% down to qualify at the Bank of Canada Rate OR the Contract Rate + 2% (which ever is higher)
  5. For Example: Say the banks are offering you a 3% fixed rate for 5 years.  In order to be approved for it, you must actually qualify at 5% (3%+2%).  
  6. Because purchasers are qualifying at a higher rate, many will see their max budget amount reduced by roughly 15-20%
  7. The new guideline ONLY apply to those lenders that are deemed a Federally Regulated Financial Institution (currently 85 in Canada).
  8. Those that don’t fall under Federal Regulations are not subject to the new guidelines.  The most popular alternative is CREDIT UNIONS like Duca or Meridian… although there is some discussion that they may adopt similar measures to the B-20 Guidelines. 
  9. Although many will see their MAX budget reduced – it’s important to remember that NOT EVERYONE wants to spend the max a lender can make available for them.  I know of many clients who chooser to only spend 60, 70 or even 80% of their max budget on a purchase.
  10. Like all changes in the market, there will be an adjustment period of probably 4-6 months for people to adjust to the changes.

More Reading:

Final Revised Guideline B-20: Residential Mortgage Underwriting Practices and Procedures

Canada’s banking watchdog sets tougher rules for mortgage lending

New mortgage stress test to hit ‘move-up’ home buyers

Home Improvement

REVIEW: My Experience Using Jiffy On Demand

The Problem

With the winter winds rolling in, the time had come to do some maintenance at my rental property. All I had to do was turn off the outside water off from in the home – a fairly standard job that I do every year. As luck would have it, the valve wouldn’t close.  So I did what any stubborn male would do… I tightened it until I broke it.  My one problem quickly became three: The water line wasn’t closed, the valve was broken, and I had no time to master the art plumbing.

The Solution – Jiffy on Demand

JiffyOnDemand is a new Toronto based app that makes home maintenance a breeze! They connect homeowners with professionals in a variety of trades – from small jobs like furniture assembly and lawn maintenance, to larger jobs like electrical and duct cleaning… they even have professionals on call for seasonal jobs like BBQ cleaning, and Christmas light installation!

Jiffy on Demand Services
Above is a small sample the services JiffyOnDemand offers

The “Jiffy” concept is to connect homeowners for jobs that need same day attention – but you’re also able to schedule jobs for future dates.

I needed a plumber – and fast! After downloading the app, I typed in “plumbing”, filled in a few details about the job, and was instantly connected with a plumbing professional.  Within minutes I received a phone call from Mike Ginglo from Momentum Mechanical Contractors (so refreshing to actually speak with the person carrying out the work).  I loved that they were able to give an exact timing for when the work would start (instead of a 8 hour window that most trades offer). On the day scheduled for work, Mike followed up with another call to reconfirm the time – I’m a stickler for detail, and was so impressed with how organized he was! 

The JiffyOnDemand app displayed the minimum price and first hour rate of the job as well as a break down of what additional time would cost.  This in itself was a huge timesaver as I didn’t have time to wait for a call back to confirm price. As part of the signup process, you provide them with your credit card number, and they bill you once the job is complete.

Mike and his assistant showed up on time, and got right to work.  The job required replacing the old pipe, valve and hose bib with new parts. Within the hour they had everything done! I’m one of those eager beavers who likes watching the job get done so I can learn for next time.  Mike went the extra mile by explaining what was wrong with the old valve and the benefits of the new one. He even answered my follow up questions via email and offered a few tips for winterizing the house for future seasons – this gave me complete assurance in his expertise and the job preformed!

The Verdict

Had I decided to fix the pipe my self – it would have easily turned into a month long project! From my first few taps with JiffyOnDemand to the overall experience with Mike and Momentum Mechanical – I give them: 4.95 plumber wrenches out of 5 … the only minor improvement would be with communicating the cost of materials.  Jiffy can only display prices for the labour, as the cost of materials vary based on the job! I was charged fairly for the materials, it just would have been helpful to have a rough estimate at the start of the job.