The Real Estate Market at a High During Covid-19

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Kim's Background Story

Why People are Selling Their Home

Kim's 2022 Market Predictions

By: Adi Dreml-Scully

The real estate market has been booming over Covid and we are seeing pricing for houses skyrocket to new levels.

I interviewed real estate agent Kim Alldread, from Team Alldread Re/max Rouge River Realty, about why she thinks the real estate market has been so high over Covid, and ultimately what her predictions are for the market this year in 2022.

Before we get into that, here is a little background information about Kim’s real estate history. Kim first started working at Re/max Rouge River Realty in 2007, prior to that she was working at new home sales for the majority of her twenties. Now in 2022 Kim has a team of 2 other young ladies and her own office, Team Alldread Headquarters.

Kim’s first taste of the real estate business came when she was sixteen as an open house hostess for the local realtors. As a kid, she used to get the MLS books, before it was on the computer and used business cards pretending to be a real estate agent. So it was always something that she wanted to do but didn't have the timing quite right for it until she hit her thirties, to really go for it and pursue it with a higher level of maturity and discipline that she did not have in the early stages.

The real estate market is so high right now because of the “huge demand” and desire for house changing. Kim noted, what we learned in Covid is that we want something more or something different. A lot of families have someone that is now working from home, which means maybe where some people were sacrificing space by living in downtown Toronto to be closer to work and avoid the big commute. Now that people are in the position to work from home it allows people to relocate for that reason and move out to “the burbs”. Which is why the GTA market as a whole has been doing so well.

For the families that weren’t exactly downtown, but were in regular GTA proximity had the time during Covid to really evaluate what was important in their lives. Whether that meant to be downsize, upsize, live by the water, have a bigger yard etc.

There was some good that came from Covid, it has really made people soul search for what is important to them, and their home was one of the top things they decided to change.

We could not have predicted the market to be this high right now. We thought from 2021-2022 it would “level out”, and predicted a small increase for 2022 but nothing this huge. Up 40-50% in some areas compared to last year.

Kim thinks as inventory increases, specifically in the GTA, it will level the prices but not until around summer. Which hopefully from there on will steady out the market and stay leveled. But given the past 2-3 years of the market history going up, it’s hard to know for sure. We shouldn’t expect it to keep rising at this rate but also to not expect a drop in prices either.

We are all looking forward to seeing what is going to happen with our market and what the prices will look like this year.

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