LACKIE: Will second wave of COVID burst Toronto real estate bubble?

Article content continued

More On This Topic

Buyers and sellers alike seemed to share the belief that in the face of an all but guaranteed second wave, the time was now.

All the while, the condo market was showing signs of distress.

In response to widespread job losses, particularly in the hospitality and service sector, university classes moving online, and the short-term rental market being decimated by the abrupt loss of tourism, the rental market was flooded with vacant downtown condos.

We apologize, but this video has failed to load.

It wouldn’t be long, analysts predicted, until investors, faced with uncertain returns, started dumping their units.

By the time September rolled around and the original mortgage deferral programs ended, the condo market surged with new listings — a 215% increase over the same month last year.

For the first time in a very long time, the term “buyer’s market” was

Read More