by Nutan Brown
on Monday, July 13th, 2020 at 8:12am.
After a brief drop due to COVID-19, the Toronto housing market has been much like the weather- HOT! It seems not even a global pandemic can hold back home sales. According to the latest TREB data, a total of 8,701 sales were recorded in June- a whopping 89% increase from the previous month.
This represents only a 1.4% decline in sales from June 2019, meaning that despite experiencing the worst economic setback since the Great Depression, people are still buying and selling homes at rates comparable to what was seen before the pandemic. In fact, in some segments of the Toronto market, including detached homes and townhouses, year-over-year growth was recorded.
So how has the Toronto housing market been able to remain so resilient throughout this global health and financial crisis?
A large part is due to the government’s proactive measures to prevent a full-blown meltdown, including mortgage deferrals, CERB payments, extra time to file income tax returns, and increase in child benefits. Without this government aid, which helped millions of Canadians continue to collect paycheques and cover their bills, it is unclear if the housing market could have sustained its level of resiliency.
What is the Future of Toronto Real Estate?
Over the last 2 months, many projections have been made for the Toronto housing market. To date, the housing market has performed a lot better than was previously forecasted.
Although the general consensus is that the future is still uncertain, we can predict based on the month-over-month growth that Toronto real estate will at the very least remain steady through the summer.
Now is a very tough time for many Canadians, and the question of whether now is the right time to move or not can be a tough one to answer. For more information, you can read my recent article on Is Now A Good Time To Buy A Home, or contact me for some professional advice!