How is the real estate market affected by the COVID-19 pandemic?
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The COVID-19 pandemic has had a significant impact on the real estate market in Ontario and around the world. Around 2021 the initial impact of the pandemic was a slowdown in the market as people were hesitant to buy or sell homes due to health and economic uncertainties. However, as the pandemic continued, the real estate market in Ontario and other parts of Canada experienced a surge in demand as people started to shift their priorities towards more space and home offices.
Low interest rates also made buying a home more affordable, leading to increased competition and bidding wars for homes, especially in the Greater Toronto Area (GTA). This increased demand coupled with limited supply led to a rise in home prices in some areas. Additionally, the pandemic has accelerated the shift towards online home buying and virtual real estate transactions.
Overall, the impact of the COVID-19 pandemic on the real estate market in Ontario is complex and has varied greatly depending on various factors such as location, type of property, and government policies.