Toronto is considered as a major Canadian city, which is also the capital of the Ontario province. From having breathtaking green spaces to a dynamic metropolis, Toronto has all the attractions for foreign investments. Not unlike the other parts around the world, Canada has also faced the consequences of the menacing Covid-19. As a result, a lot of ups and downs have taken place in the Toronto real estate market since the middle of March this year.
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Initially, the property market was at standstill right after the lockdown. Nonetheless, this pause during the pandemic seemed temporary for Toronto. The buyers started to come back after a few weeks, since the country successfully made people witness progress. The implementation and ensuring of safety protocols were a massive success. Activities recommenced properly in May and June.
Canada's housing market is rapidly gaining momentum. House prices in the country's eleven major cities rose by 8.57% during 2020, in contrast, to a fall of 0.29% during 2019. Demand has rebounded quickly with sales surging by 47.2% in December 2020 from a year earlier! Source: Global Residential Markets Report
sellers are in a favorable state at present in Toronto due to the demand for increasing supply. Since the interest rate is low, buyers are finding this place to be more beneficial to invest in than properties. This report also shows that due to the lockdown, a great number of Torontonians appraised their standard of life. They developed interests in living near greeneries and amidst natures, opting out themselves from urban areas. Therefore, this changing taste indicates a worthwhile demand for Toronto’s property market more so in the countryside.
there is nothing to worry about since there is a prediction that prices will remain strong. The growing demand and low inventory levels are the reasons behind this prediction about Toronto’s real estate market. There is even an expectation of an increasing 5% in the average residential sale price during the rest of the 2020.
According to the statistics of Canada’s Residential Property Price Index,
Toronto’s residential property prices increased between 2019Q1 and 2020Q1. This is because of the price increase of both new and resale condominiums. Here Q1 typically stands for a quarter, which means the first one-fourth of a year. However, in the metropolitan areas, there are proliferated demands for condos from both home buyers and investors who are looking for rental accommodations.
In 2019, it is found that Toronto is in high demand for real estate growth in the last few years. At last in 2020Q1, new condominiums top the price list, followed by resale condominiums after that and resale houses at last where new houses’ prices saw a decline on the flipside.
According to the TRREB August 2020 housing market’s statistics, prices and sales in the real estate sectors are winging its way home. Its sales rose 40% in comparison to the last year.
Having said that, with the second wave waiting in the near future, there is fear of another shutdown for controlling Covid-19 infections this fall. This made some economists think about putting more emphasis on the Canadian economy. The previous experience says that when a place’s economy grows or the housing market gets to see a positive turn, a negative environment can also come to take over the whole scenario.
So, while purchasing a property, buyers need to be a tad more conscious and analyze the lockdown situation before taking their final decision.
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