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The process of reopening Canada is underway as many industries are opening up in the country. Keeping in mind the past few months Canadian companies are looking for a fast comeback. Hence, Toronto’s Property & Real Estate industry wants to boom again despite the hiccups of last 3-4 months. The drastic circumstances has seen many ups and downs especially in Canada’s Real Estate. Focus being Toronto’s real estate market that has been booming Pre-COVID-19. In the past years in Canadian real estate, especially in terms of sales. Considered as a highly competitive market in the Real estate sector in Toronto. The real estate market of Toronto has been giving huge competitions in the North American region.
According to the most recent stats real estate sales in Greater Toronto Area (GTA) dropped 67.1% in April this year. The market was down by 53.7% this May. This is as compared to May 2019 prices which is a huge fall from previous year’s stats.
IMPACTS OF COVID-19 ON TORONTO REAL ESTATE MARKETS:
The impact of COVID-19 on Toronto Real Estate markets has seen some temporary effects. These are evident on the home market and listings in the GTA. Not only the sales but the home buying intentions have been seen on a low. Hence, making things very quiet and stable unlike previous year where it has been relatively busy.
Hence, the supply of listings that has been a concern before the pandemic will always be an issue. This is once the economy of Canada and housing markets recover from the setbacks of pandemic COVID-19. As according to the last year stats, the recovery is much expected to be a slow one. This is despite how good the past performances have been in Real Estate.
However, there are some factors on which these results are based including historical data. These includes continued success in containing the spread of COVID-19 which has been achieved successfully. Also includes various factors that are generally improving economic conditions and unemployment. Unemployment factor has been a huge one in Canada’s economy and economic turnaround. Hence, this is yet another sector of economy that has risen due to the recurring impacts of COVID-19.
Apart from the effects on the city Toronto there are effects that are Provincial i.e. Ontario province effects and outcomes. These are factors that include ‘land transfer tax deferral’ and adjustment in ‘first-time buyer rebate.’
ONTARIO REAL ESTATE ASSOCIATIONS ANNOUNCED MEASURES:
According to the Ontario Real Estate Association, an Association that looks after the Real Estate & Property of the whole province Ontario. Open houses are still prohibited during the pandemic COVID-19, as according to the President of the Association Sean Morrison. These are while following the precautionary measures imposed for COVID-19.
The recommendation for the realtors is to stick with stage-1 protocols for the reopening. Being part of the reopening process and procedures, these are protocols that were announced in the earlier stages. The stage-1 protocols includes Physical Distancing and wearing personal protective equipment. Additional measures includes during the demos, limited numbers allowed while property showings. Finally, strictly sanitising between the showings. For the sake of seriousness of measures the COVID-19 questionnaires needs being ready. This has been a mandatory requirement of the Provincial Govt. This also is to make 100% sure no one in contact has travelled outside the province Ontario.
The landlords especially the ones related with commercial real estate landlords in Canada will be facing some drastic changes during the recovery. Reasons again being COVID-19 and its impacts on the economy of Ontario including Toronto. However, recovery in at least six months is a guarantee post reopening. Largely based on earlier reputations of Toronto Real Estate Market.