COVID 19 is having an impact on the Toronto Real Estate Market. The impact is mostly on the amount of business being done but as an industry we're adapting to new ways of serving our clients.
Prices have dropped 1% year-to-date and 2.5% over April 2019.
Mortgage rates have dropped again to about 2.2% on a 5-year fixed. It's a great time for first time buyers to consider getting into the market and if you're a seller you might consider holding on unless it's absolutely crucial you sell.
Our expectations are that a rebound happens over the summer and fall as the federal and provincial governments loosen restrictions due to the COVID 19.