It's Been 12 Weeks...How's the Market?
We're now three months in to the Covid-19 Pandemic, and so many eyes are on real estate in Toronto. Each week we're tracking market activity to get a better sense of the impact the pandemic is having, and our road to recovery.
The story this week is new listings! For both freehold properties and condos, the number of new listings to hit the market last week were the highest they have been since the middle of March. We also saw the total number of sales hit highs not seen since the last week of March.
When we look at prices, freehold averages fell just below pre-Covid pricing this week, after exceeding them the week prior. Condos continue their upward climb to get back to pre-pandemic prices. The slow ascent here has been partly due to restrictions placed on some buildings in the city by Condo Corporations, some of which have not been allowing showings during the state of emergency.