It’s no secret that the COVID-19 pandemic has had a major impact on the real estate market in Toronto. The city was already in the midst of a housing crisis pre-pandemic, and the pandemic has only made the situation worse.
The pandemic has caused a decrease in demand for housing, as people are working from home and don’t need to live in the city. This has caused prices to drop and made it a buyer’s market.
However, the decrease in demand has also meant that there are less houses on the market. This has made it difficult for buyers to find a home, as there is more competition for the limited number of homes that are available.
The decrease in demand and the increase in competition has also made it a challenge for sellers to find buyers for their homes. This has caused some sellers to drop their prices or offer incentive programs, such as rent-to-own, in order to attract buyers.
The pandemic has also had an impact on the rental market in Toronto. The decrease in demand has caused rents to drop and vacancy rates to increase. This has been a welcome relief for renters who have been struggling to afford housing in the city.
The COVID-19 pandemic has had a major impact on the real estate market in Toronto. The city was already in the midst of a housing crisis pre-pandemic, and the pandemic has only made the situation worse.
