The most recent report from RBC Economics indicates that the condo market has not been quite active in the last six months; generating a stagnation in the prices.

This phenomenon is not only happening in the city of Toronto but also at important markets like Vancouver and Hamilton. As stated by the economist Robert Hogue this tendency contrasts with the 7.3% increase in the cost of single-detached homes nationwide over the same period of time. 

Hogue also pointed out that the benchmark price of homes in Canada increased 10.3% in comparison with September 2019. This is the first time it’s been a double-digit number in three years. 

This increase was almost double than what happened in the condo market. Likewise, Hogue mentioned that condo prices have been stable in Toronto, Vancouver and Hamilton where these were pretty similar to pre-pandemic times. 

According to this report, the impact of COVID-19 in the real estate market is strong and the forecast is not encouraging due to the expected drop in the prices for 2021. For now it’s just a matter of waiting and seeing what happens.

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