Where is the Ontario Real Estate Market Heading After COVID 19
Globally, the COVID-19 pandemic has caused significant disruption in every industry and market. For real estate, the impact has been substantial, but many industry professionals feel that the market will be able to recover. What the Ontario real estate market looks like following the pandemic, however, remains open to discussion and debate. There are a few common ideas, though, that signify where the market is headed.
Lower House Prices
Typically, the high price of available residences is influenced by low supply and high demand. However, with the unprecedented halt of sales, these factors currently play a minimal role in the success of real estate dealings. Coupled with the fact that many individuals are without income and may be struggling financially, the high home prices of recent years may not bode well with the emerging population of hopeful buyers. As a result, it is anticipated that we will see many homes offered at lower prices than they might have sold for earlier in the year.
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