The Impact of Covid-19 on the Toronto Real Estate.
With all of the Covid-19 measures in place, it has translated into a temporary drop in the number of transactions. And, it’s anticipated this will persist until we experience a sustained decline in the number of positive cases of Coronavirus.
What Can We Look Forward To?
The Toronto Real Estate Board President, Michael Collins states that once the recovery begins, it will likely accelerate the market as buyers seek to “satisfy pent-up demand” that has built up over these last few weeks (or months).
Here’s how we’re doing so far, compared to mid-April 2019:
Total Residential Transactions are down 69%
Total New Listings are down 63.7%
But, interestingly, the Average Selling Price was down just 1.5%.
As you can see, we’re not seeing a huge discount in prices yet. As I’ve also been witnessing in the market, it appears that Sellers aren’t ready to heavily discount their home prices yet.
Written by: Deanna Allegranza
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