By spring, “social distancing” officially became a thing and Canada’s traditionally busy housing market slowed to a crawl. These directives from Canada’s chief public health officer Dr. Theresa Tam involved minimizing all close contact with community members by maintaining a distance of six ft., avoiding crowds and mass gatherings. Confusion ensured about how to proceed with transactions under the new and ever-changing public health guidelines. In addition, widespread concerns around household finances and the greater economy, and worries about a housing market crash, prompted many homebuyers and sellers to move to the sidelines.
But the real estate industry quickly pivoted by incorporating new marketing methods, such as virtual showings, live virtual open houses, and e-documents. Many agents had already been using these technologies to some degree, which allowed a smoother transition for consumers who still needed to engage in the market. It wouldn’t be long before housin
A feeling that it s safe to buy again buoys the market theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
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Real estate was hot in the GTA in 2020.
Despite being in the middle of a pandemic, GTA realtors say the average selling price reached a new record of almost $930,000 and reported over 95,000 home sales last year.
“The Greater Toronto Area housing market followed an unfamiliar path in 2020. Following the steep COVID-induced drop-off in demand during the spring, home sales roared back to record levels throughout the summer and fall,” said Lisa Patel, president of the Toronto Regional Real Estate Board.
“A strong economic rebound in many sectors of the economy, ultra-low borrowing costs, and the enhanced use of technology for virtual open houses and showings fuelled and sustained the housing market recovery.”