Vancouver has been dubbed the most unaffordable city on the continent. Due to this, several policies were put in place to make housing more affordable.
In a surprising turn of events, in September 2020, the prices in the real estate market in Vancouver have fallen by 7.3% in contrast to those of last year despite the increase in the sales of real estate.
Toronto’s real estate market, on the other hand, has hit new peaks. Data shows that total sales for homes within the Greater Toronto area peaked at 42.3%, reaching a new record high in September 2020. Just in September alone, about 11,083 properties were traded.
The selling prices for homes within the area averaged at around $960,772 for September beating the records of all-time highs in previous months wherein the average selling price was at $951,404 in August.
It is believed that the current condition of Toronto’s real estate market is due to the existence of an increasing demand coupled with exceptionally low borrowing costs.
However, the rising number of COVID-19 cases, the government policies that may be issued in the future in response to the current situation, and the impact these will have with regards to the confidence that one has on the consumer should all be considered.