Toronto Real Estate News – My Biggest Fear & Covid-19 (May 2020)

TYou’ve probably noticed the city slowly come back to life. Possibly it’s because of the spring weather or maybe we are preparing to cautiously reopen our city.

The pandemic wreaked havoc in financial markets, but has yet to make a meaningful dent in Canada’s housing values.

TRREB released the April Stats, the first full month of coronavirus and social distancing measures:

  • Sales were down 67%
  • Listings were down 64%
  • Average selling price was flat (up 0.1%)

We have to be cautious when looking at these numbers as the can be very different by area a type of property. As an example the home price index for condos in C01 (downtown) was up a whopping 12.6%!

I expected to see a larger impact of the Coronavirus crisis on pricing, but the housing market has been quite resilient. I am afraid that this means the real estate market will skyrocket when the economy recovers.

Have we hit a bottom? Timing the bottom is never easy, and rarely done right.The good news is that you still have time to enter the market and purchase a home or buy an investment.

And why not take the opportunity while it’s here to negotiate with Sellers who are more than interested in selling?

There are a number of opportunities ready and available, just send me an email or book a virtual coffee and we’ll start the discussion.

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