I recently discussed the current state of the Toronto real estate market with the Canadian Press.
Below is a snippet from the article
While the price drop was moderate, it’s significant compared with recent price gains, said Stephen Glaysher, a realtor who runs a site called MLS Sold Data.
“That decrease is a little deceiving, because we’re used to substantial increases.”
He said he expects price declines to be moderated as homeowners defer or restructure payments and foreclosure and power-of-sale orders are at least a year away since courts are currently closed.
The lack of new listings is also helping to prop up prices, though current listings could see some downward pressure on prices, he said.
“It’s not the right time to sell right now. So if you do see a listing coming out, you assume it’s someone who’s motivated to sell.”
This report by The Canadian Press was first published April 22, 2020.