2020 REAL ESTATE MARKET

Unprecedented Frozen Real Estate Market

With the start of the 2020, the months of January and February enjoyed record-breaking sold prices in an active Seller’s market. Buyer demand continued to be dwarfed by the low housing stock. It was common place to be competing on an address against 10+ other bidders. The Spring market was gearing up to be full speed ahead.

March 12, 2020, Ontario Public Health jointly with the Premier, Health & Education Ministers ordered the closure of schools to protect public spread of COVID19. This quickly evolved to self-isolation, non-essential business closures, no dine-ins, social distancing have become our new norm.

Week 1, Daily appointments booked are 6,300
in Week 3, Dwindled down to 130
(#s from RE/MAX Hallmark Realty front desk)

Unprecedented times for Toronto real estate as we enter into a Frozen Market with no buyers and no sellers.

When your computer or smart phone is frozen, what do you do? You turn it off. This is what the government is doing with the city, we are turning off.

It’s my opinion that when the city is turned back on, Toronto housing, restaurants, hospitality industry will come back robustly and with a renewed
gratitude.

Until then, I hope you & your family are safe, staying in + together we’ll flatten the curve.