Call Text Email

Toronto Real Estate Market Stats – April 2020

Toronto Real Estate Market Stats – April 2020

We are almost a month into the ‘COVID-era’ of real estate and as you can imagine, the world of real estate is somewhat upside down at the moment. The situation has been evolving on a daily basis along with the directives and policies that can impact the real estate market. The Toronto Real Estate Board and governing bodies had initially held off on announcing any policies, but have recently advised against any non-essential work. Open houses have been banned, showing tenanted properties is not recommended, and face-to-face interactions are to be avoided wherever possible. Most recently, the Ontario Government put a stop to all new residential construction.

We are considered an essential service, but it is definitely not business as usual – and nor should it be – but there are folks out there that NEED to move for their own personal reasons, whether it be that they already bought/sold and could be stuck in limbo, have gone through life changes, or are facing financial hardship.

Looking at the stats from the last month, it comes as no surprise that activity levels are down significantly. However prices have, for the most part, held fairly steady in the face of the uncertainties. In some areas, we are still seeing multiple offers and bidding wars (looking at you, Leslieville) but rather than being up against 15 other offers, in todays market there may only be one or two. For you deal-hunters out there, yes, there are and will be some opportunities but it’s unlikely that you’ll see any drastic reductions at the moment.

It is far too early to know what the overall impact of this will be – and the impact will vary based on location and property type. If you have questions or would like to chat, please feel free to reach out.

 

Leave a Reply

Your email address will not be published. Required fields are marked *