Despite the strong start, it has most definitely cooled down the market. Growth in average sales price remained, as the number of sales decreased in Hamilton, Burlington, Oakville and Mississauga, compared to April 2019.
The events of this pandemic have impacted our daily lives and the functioning of our communities. Market activity has slowed down as buyers hesitate and hold off their home purchases during these unprecedented times of uncertainty, when one's employment and income could change quickly. This uncertainty may put buyers at risk when trying to secure a mortgage.
As you can see in the Reports below, homes sales dropped dramatically in April 2020; however, average sales prices for all home types increased year over year, dipped slightly month over month and remained relatively stable.
According to CBC News, Ontario is set to announce that restrictions will be lifted on most construction work and retail shops that are not in malls, as well as seasonal businesses, pet services, household cleaning and maintenance, and in-person health and counselling services. The date that these restrictions will be lifted has not been indicated. Read full article here
Housing is a basic need and is a great investment in the longterm. The market may be put on pause for now, and will come back to life following the lockdown. How soon the real estate market will bounce back and begin to recover after the fallout, has yet to be revealed.