Real Estate Market in Toronto, Mississauga and GTA

COVID time

Real estate projects are delayed in COVID time

After COVID was lessened down, it is time to study the situation and look at the real estate industry. Contrary to the earlier believes that the real estate market will drown, nothings happened.

Near to 500 projects in housing construction were delays which worsen the shortage already in the market. Survey showed that around 85 % will be delayed from three to six month and 11% more than six month. It is not only short term effect of delayed projects and shortage in the market but also long term effects of loss of revenues of real estate companies and related industries of mortgages and insurance companies.

This effects let the market in Toronto to sell over asking and exceed the usual rise in that context. This reflects the market confidence even with the partial lock down reflecting the continuous active buying and selling.

The same in the Region of Peel – especially Mississauga and Brampton – where 927 homes were sold in May, which represent 78% increase month-over-month. But this is less by 57% on a year-over-year basis, which reflect that Mississauga/Brampton market is less sore and show slow recovery. A remarkable point is that sellers are not welling to lower the price knowing the market will recover soon.

References:

-https://renx.ca/498-residential-construction-projects-delayed-gta-bild/

-https://torontostoreys.com/houses-sold-over-asking-toronto-june/

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