After that, you get a return to the marketplace in fairly strong numbers. So for the better part of two years, we saw a dip in sales as a result, which is often the case when government policy targets a certain sector of the economy. That was followed by the new OSFI mortgage stress test rules in 2018, which made it more difficult to borrow. Then, in the first quarter of 2017, the Fair Housing Plan came into effect, which included a 15 per cent non-resident tax and expanded rent control. For historical context, the Toronto market peaked in 2016 with a record 113,000 sales. For the first half of March 2020, sales were up 46 per cent over March 2019. Those factors typically lead to an acceleration in price. The market had tightened, meaning increased competition among buyers and a high volume of listings resulting in sales.
Right into March, we saw a continuation of 2019, when a lot of buyers who had previously moved to the sidelines were starting to purchase homes. We spoke to Jason Mercer, TREB’s senior market analyst, about how Covid-19 killed a red-hot market and why there’s reason for cautious optimism.Ĭould you summarize the Toronto real estate market before the Covid-19 pandemic? As Covid-19 keeps locals on lockdown and nearly halts the economy, most people are wondering how significantly the virus impacted the real estate landscape.
Earlier this week, the Toronto Real Estate Board released its market report for March 2020, which includes information about property transactions in the GTA.
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