Greater Toronto Area Report March 2020
Steve Moran, Remax
Home sales in the Toronto region soared in the first half of March and then plummeted in the second half as the spread of COVID-19 prompted the Ontario government to shut down non-essential businesses and services, and Canadians were told to stay home.
The average selling price for a home was $902,680 in March, 15 per cent higher than last year. But the average selling price in the second half of the month was lower than the first half.
The COVID-19 shock to the economy is unprecedented. We'will need more time to fully understand the impact the pandemic is having on the housing market. In the meantime, many buyers and sellers have put their plans on hold.
In my view, the housing market will not go unscathed as consumer confidence and a strong labour market are essential in the decision to purchase a home. The timing of a return to normal market conditions is uncertain. However, if you are experiencing financial hardship, you can request to defer payments on your mortgage for up to 6 months.
We will get through this pandemic together. Please people, stay home unless you absolutely must go out, and if you do go out; practice social-distancing.
Keep safe until we meet again!