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Toronto Real Estate Market

3 Impacts of the 2nd Lockdown on Toronto Real Estate Market

Again… We’re going back into lockdown again.

The first time that we ever experienced a lockdown was March 17, 2020.

10 months later, when we thought we were getting out of Covid…

We’re actually going back into lockdown.

But did you notice a big difference now that we’re doing it for the second time?

How did you feel when you heard about lockdown for the very first time?

Fearful.  Anxious.  Uncertain.  Panicky.

Because we had no idea what to expect at all.

What about this time around?

Frustrated.  Annoyed.  Fatigue.

But we don’t really panic anymore because we pretty much know what to expect.

Categories
Toronto Real Estate Market

Why didn’t the mortgage deferrals crash the housing market?

Back in the early days of Covid, almost 800,000 Canadians applied for mortgage deferrals.

So the Canadian Mortgage and Housing Corporation warned us that many people might be unable to pay back their mortgages upon deferral expiry.

As a result, we may see streets filled with foreclosure signs and CMHC forecasted a huge housing price drop possibly up to 18% over a 12 month period.

Now that we’re in 2021, over 93% of the mortgage deferrals have expired.  

Opposite to the forecast, the housing market across Canadian cities has been booming.