What is Really Driving Toronto's Real Estate Market?

The past year of pandemic living has turned our world upside down.

Nevertheless, despite massive job losses and an economic recession the housing market has remained surprisingly robust.

With a full pandemic year now under our belts, can we make some sense of this real estate paradox?

Yes, low-interest rates and the freedom of not being tethered to an office were a big part of what fueled the real estate market.

That and perhaps a basic human instinct to take control and make courageous decisions when everything else seems so out of control. In our business, most of the pandemic moves didn't come totally out of the blue. The quiet burn of curiosity was there, it was just drowned out in the busy distractions of day-to-day life. The pandemic was the catalyst for the change that was just simmering on the backburner.

Somewhere between home-schooling, working from home, virtual work-outs & zoom socials, there is that dare to dream moment when someone goes down the rabbit hole of looking at real estate listings, and then suddenly it's "honey look what I found on realtor.ca"

And what happens next? A record-breaking, unprecedented real estate market.

Toronto saw a net intra-provincial outflow of 50,375 people, according to Statistics Canada figures released Thursday. That means 50,375 more people left the Toronto area for other parts of Ontario than moved in – a record high according to data going back almost two decades.

- Globe and Mail

Before you know it, the days will be longer, the sun will usher people outside, and restaurants, bars, gyms, live music, sports, theatre & art galleries will have come back to life. We look forward to a time when we can have a collective group hug and kiss this pandemic good-bye.

PS - If you find yourself starting to dream and feel like this year is your time for a change, we are here to help.