𝐒𝐄𝐄 𝐈𝐓 𝐇𝐄𝐑𝐄 𝐅𝐈𝐑𝐒𝐓: 𝐌𝐀𝐑𝐊𝐄𝐓 𝐒𝐓𝐀𝐓𝐈𝐒𝐓𝐈𝐂𝐒 | 𝐌𝐀𝐘 𝟐𝟎𝟐𝟏 COVID-19 has proved to be no match for Toronto's housing market, which has continued to see soaring prices and bidding wars even as lockdowns and stay-at-home orders were implemented. Despite a slight decline in sales over the last two months, market conditions remained "tight" enough to push the average selling price to an all-time record in May. Buyers are exhausted from losing out on numerous bidding wars and are taking a break. Although fewer homeowners put their properties up for sales compared with April, the number of new listings was still higher than May of last year. In addition, with a new mortgage stress test introduction, some took a back seat and decided to wait and see how the market will react. While some raise concerns that housing market is expected to collapse, it is very unlikely. Central bank of Canada closely monitors the situation and takes proper measures. Also, it is very important to note that Immigration will continue to be a key driver in advancing Canada’s economy. We will see a slight slowdown in sales as well as minimal adjustment in home prices, however my assumption is that seller’s market will prevail for some time Want an expert’s opinion on the real estate market? Get in touch with me today. 𝑭𝒖𝒂𝒅 𝑨𝒃𝒂𝒔𝒐𝒗 Direct: 647-801-3401