Fast Sales: Homes Recently Sold in Less than 48 Hours
For those active in the real estate market when the COVID-19 pandemic hit, the effect it would have on markets across Canada was top of mind.
Over the course of the last few months, the initial drop in new listings and sales, due to the pandemic-induced uncertainty, began to recover month-over-month. Average sale prices, on the other hand, did not experience the same sharp decline and have remained steady throughout the pandemic. By June, we saw many hot markets make massive improvements in sales and new listings, but inventory remains lower than expected for this time of year, which means demand is not being met and competition amongst buyers has increased. As a result, homes are selling quickly and for above asking in many markets, especially in regions that continue to experience seller’s markets during the pandemic.
While the decrease in inventory creates seller’s markets in Ontario and Manitoba, in Alberta, having lower year-over-year inventory is moving markets in the right direction toward more balanced conditions. In Edmonton, sales increased by 77% from May 2020 and June 2020, contributing to a year-over-year inventory decrease of 16%; and in Calgary, the inventory is at the lowest it has been since May 2019.
All of this means there are homes all over Canada that are being sold at lightening speed! Here are homes in Ontario, Alberta and Manitoba that have recently sold in less than 48 hours—and the sellers saved thousands in commission with our low, fixed-fee service.
If you need to sell your home or buy a home during the outbreak, rest assured that a Purplebricks REALTOR® can help you navigate the market.
Purplebricks is here to support Canadians by providing them with a full-service real estate experience while saving them thousands in commission when selling their home. As for homebuyers, we share the commission by giving buyers $2,000 in cash back* when they buy a home with us. Call 1-855-999-9740 for more information.