Real estate markets hit hard by COVID-19 pandemic

Canada’s real estate industry appears to be heading into a deep freeze despite the warming spring weather. Though sales figures started off relatively strong in start of March till mid March in many parts of the country, they fell swiftly as the COVID-19 pandemic grew and stricter protective measures were put in place. But by the end of the month, a dramatic slowdown, falling by about half compared to the first part of the month in March.

It was the same in Toronto, where home sales were up 49 per cent in the first 14 days of March compared to last year, but they plummeted by 16 per cent as the month closed.