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June 2020 real estate stats are in, and if you ignore April and May, it looks as if the COVID-19 pandemic never happened!  Prices are up, sales are up, and homes are selling quickly!
 
June 2020 saw a total of 1,615 sales, which is the most for any month in the last 2 years, and only 6% less than the 10 year average for the month of June.  We do of course have to take into account that the slow activity over April and May likely delayed many sellers and buyers into June, but the fact that the market is becoming active is surely a sign that many people are adapting to the changes that the pandemic has brought about, and seems to be consistent with my prediction of stability in the market.
 
July will likely have numbers quite similar to June 2020, and I suspect that the numbers for August and September will come back to more typical seasonal numbers as the pent up demand corrects itself, but overall I would still predict that price changes will be quite minimal in the near future.
 
Because of the slow sales in April and May making homes listed in those months sit on the market longer, the average number of days that a home is listed on the market has not come down for the month of June. I do suspect this will change going forward as I have noticed new listings selling much quicker than they were just a couple of months ago.

June 2020 saw nearly as many new listings as May and April combined. June 2020 had 3,172 new listings and ended the month with 5,931 active listings.
 
Multiple offer situations are certainly still happening, and the right property listed at the right price is still sure to create a bidding war, but the average home is not getting into multiple offer situations the same way that seemed to become normal in 2017.
 
A couple months ago the CMHC announced that it will be making things a little more difficult for potential buyers to get an insured mortgage (less than 20% down payment) and there was some immediate speculation that it would make things even more difficult for first time buyers. After looking at the details of the change and speaking to some mortgage professionals, it seems that these changes will likely have very little impact on the market. The changes have now only been in effect for one week, so more time will be needed to truly see, however, I would not expect it to have any effect on prices.
 
As always, it is impossible to be certain of what the future will hold, however, if stability is looking to be the most likely outcome in the near future it would probably mean that there is no huge rush to put your home on the market or to make that purchase. It is a great time to buy or sell, but I think that will be the case for some time to come, so I recommend making your next move happen when you are ready to do so. Be sure to get in touch soon so that we can look into your unique situation and start building a plan to make your next move happen!