COVID-19: Impact on Real Estate
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COVID-19: Impact on Real Estate
Posted on May 12, 2020
It appears that the only thing that can cool off Canada’s red hot housing market is a global pandemic.
April saw a ten percent reduction in Toronto home prices due to COVID-19. With more than two million jobs lost since the pandemic, the current unemployment rate has soared to 13%. Those kind of numbers keep home owners up at night wondering where their next mortgage payment will come from. In Ottawa, which is somewhat insulated due to the public service, home sales dropped more than 50 percent for the month. And we’re heading into the traditional busy season for realtors.
Real estate was the key driver for the Canadian economy. How will the industry adapt moving forward?
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