If you look at any of the numbers, the Greater Toronto Area’s real estate market is in free fall.
New homes sales were down by 69 per cent, and several conflicting forecasts say prices could go up 7 per cent or potentially fall 18 per cent. COVID-19 has done what seemed impossible by actually cooling Toronto’s white hot market down, in what is usually the high point of buying and selling season.
Of course, for some people, this could be an opportunity. With prices expecting to be down for the next 18 months, some think that this is the time to get into the market, and in particular, the time that younger buyers might have their chance to get in. In fact, some experts believe that the market will need first-time buyers—and millennials upgrading—to help speed up the economic recovery.
To discuss the trends in the real estate market now, and whether it’s a good time to think about buying, Raju Mudhar is joined by Phil Soper, CEO of Royal LePage and Bridgemarq Real Estate Services.