TRREB’s Chief Market Analyst, Jason Mercer, stands in front of a view of the Toronto skyline and speaks to the camera.
COVID-19 had a significant impact on the real estate market last spring. We experienced a steep drop in activity, particularly in April and May, as people came to terms with the province-wide shut down and the economic uncertainty that surrounded that. Fortunately, the downturn was short-lived. The economy rebounded, and that, coupled with very low borrowing costs, saw a record recovery in home sales during the summer and fall. We ended the year with the third-best annual sales total on record and a new record for the average selling price.