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Canada's housing market and COVID-19, burning questions answered

Last Updated May 15, 2020 at 6:36 pm PDT

FILE - A real estate sold sign hangs in front of a west-end Toronto property Friday, Nov. 4, 2016. Home sales in the Greater Toronto Area plunged 67 per cent in April as the economic effects of the COVID-19 pandemic put a chill on the housing market, according to the Toronto Regional Real Estate Board. THE CANADIAN PRESS/Graeme Roy
Summary

Canada's real-estate market went on pause with the biggest ever decline in month-to-month sales and listings

The Canada Real Estate Association reported a more than 55 per cent plunge in sales and listings

TORONTO (680 NEWS) — As Canadians were told to stay home last month due to the COVID-19 pandemic, the nation’s real-estate market went on pause with the biggest ever decline in month-to-month sales and listings.

The Canada Real Estate Association reported a more than 55 per cent plunge in sales and listings with sales down more than 55 per cent in Vancouver and 66 per cent in the Greater Toronto Area.

Prices, however, were just slightly lower overall, indicating a market that was simply waiting for the pandemic economics to dictate whether a rebound will be seen this summer.

Watch below as Royal LePage President and CEO, Phil Soper, sheds some light on the current conditions and trends in the market.

SPEAKING SPECIFICALLY IN THE CONDOMINIUM SPACE, HOW HAS THE MARKET CHANGED?

 

WHAT WERE THE BIGGEST TAKEAWAYS IN APRIL FOR THE REAL ESTATE MARKET ACROSS CANADA?

 

BEFORE THE PANDEMIC, WE NOTICED AN INCREASE EXURBAN HOUSING. SINCE THE CRISIS HAS FORCED MANY TO WORK-FROM-HOME, WILL WE SEE MORE PEOPLE BUY IN AREAS AWAY FROM BIG CITIES?

 

ARE MICRO CONDOS (UNDER 600 SQ. FEET) COMING TO AN END AFTER THE PANDEMIC?