How COVID-19 affects Real Estate
What do you think is the future of the Toronto Real Estate Market?
Even before COVID-19, we saw a shortage of housing in Toronto and now we see the markets have dropped significantly. As listings are also on the downward trend, it will keep the prices relatively stable. Recovery depends on one thing: Employment. If unemployment is high, chances are that the housing market will take a hit, but not a significant one — maybe 5-8% drop. And rentals vacancies will be at an all-time low.
As soon as people get back to work, the process and the market will take off. 2020 be a lackluster year until people have confidence that they have job security. 2021 we should see new record highs, but this depends on how quickly we find the vaccine and how we prepare for a 2nd wave.
It’s hard to predict how long COVID-19 will continue to be a threat, along with its impacts on individuals, businesses, and the market, but this is our take on the future of the #TorontoMortgageMarket right now.
Like all economic cycles, they recover over time. Our world may look very different in the coming months or years but humans adapt and persevere. #BePrepared and plan.
Subscribe to our YouTube Channel and check out our Ask-an-Expert COVID-19 Video Series where we interview Industry Experts that provide insightful advice to stay on top.
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