A TOUGH BUT TEMPORARY BLOW to CANADA'S HOUSING MARKET
Blog by Doriana Zohil-Morton, Broker of Record/Owner | April 25th, 2020
The Pandemic will be a temporary shock
We are optimistic that the housing activity in the Toronto and Greater Toronto area will resume once the health crisis comes under control and authorities lift containment measures. The timing and speed of the recovery is uncertain at this point. We are hoping that early summer will be the restart date. We think the Toronto real estate market recovery will come in stages - taking buyers a bit of time to regroup and rebuild confidence amid higher unemployment rates. Surprisingly enough even with the social distancing and virtual showings, there is still activity in sales in particular in the condo market, driving this are the exceptionally low interest rates.
Once there is strengthening in the job markets and a bounce back in migration along with the continued low interest rates this generate a substantial tailwind and we will likely see a surge of home resales in 2021.
Relocating to Toronto soon?
Our sister-company MAC Furnished Residences Inc. can help make the process easy from start to finish and also provide you with a luxury short term furnished apartment rental if you require one. Through MAC Relocation Solutions, we will help you plan your move to Toronto to ensure everything goes according to plan and if you're in the market to buy Toronto residential real estate, be it a condo or detached home, our team of esteemed Realtors will assist. Contact us today for more information!