COVID - 19 Toronto Housing Market Changes
Thursday Apr 16th, 2020
The strict social distancing measurements have been making it challenging for the Real Estate Industry in Toronto. March, which is usually the busiest month for transactions, has been a bit stagnated. However, the Toronto Regional Estate Board (TREB) announced that Greater Toronto Area REALTORS® reported 8,012 home sales through TRREB’s MLS® System in March 2020 – up by 12.3 percent compared to 7,132 sales reported in March 2019. That increase was based on the first two weeks of the month, meaning that if it wasn't for COVID-19, March would have become a fantastic month for transactions. Even though we are in a pause moment, economists say that looking to 2021, buyers and sellers will use this year to engage in a deal with more confidence which will consequently generate massive sales and a brighter future.
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