RE-OPENING CANADA: Toronto's real estate industry wants to boom again

RE-OPENING CANADA: Toronto's real estate industry wants to boom again

For the Toronto-area real estate industry, the beginning of 2020 was shaping up to be a record-setting year. And then the pandemic happened. According to the Toronto Regional Real Estate Board’s new Real Estate Market Economic Recovery Initiatives document, which will be released next week, real estate sales in the Greater Toronto Area (GTA) dropped 67.1% in April this year compared to the same time last year and was down by 53.7% this May compared to May 2019, but prices have remained relatively stable because the number of listings has dropped in unison with the number of buyers. The average selling price for a Toronto detached home in April this year was $1,249,730 — a 7.9% drop since April 2019. Also, month-over-month sales figures suggest improving conditions, with May 2020 sales up 55.2% over April 2020 sales and June sales following a similar trajectory, said TRREB. (The guide will be updated with June numbers next week.) “While COVID-19 has temporarily impacted home sales and listings in the GTA, home buying intentions have remained quite stable, suggesting that many people will be looking to satisfy pent-up demand for ownership housing once the recovery starts to take home,” according to the document. “The supply of listings, which was a concern before the pandemic shut-downs began, will continue to be an issue as the economy and housing market recovers.” The real estate board expects consumer confidence will improve as people gradually go back to work. A growing number of people will look ...
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