The Toronto Real Estate Market After Covid

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It may be far too early to start dreaming about an end to this pandemic, but with positive reports coming out about a potentially successful vaccine that could be ready for us in early 2021, my thoughts have shifted to life in Toronto after the pandemic. I don’t want to become too rosy here. We are still in the midst of a growing second wave, and I suspect our current restrictions are not going anywhere any time soon. There will likely be more. We still have limited contact with one another. There are still businesses that are struggling. Despite all this grimness, it seems that the light at the end of the tunnel has been turned back on. We can now look to the not-so-distant 2021 as a time where we may have the shackles of Covid removed. We may have a long winter ahead of us, but there is promise on the horizon.

So, what if the vaccine is effective, and Covid is no longer a threat? What will happen to the Toronto real estate market then? Will we just go back to how we were before the pandemic? Well, many things will go back, but we have also been sent in a direction that there is no turning back from now. Even if it may be no longer with us in the future, Covid has changed us.

In some ways, the changes have been simple. Covid accelerated people’s plans that were going to happen anyway. Instead of happening in three years, Covid moved those plans along much faster. As an example, if you were planning on buying a larger home to start a family, then Covid may have triggered that move much sooner. During this pandemic, most of us just had more time to think. Without the commute, thoughts turned to big picture ideas. “What am I doing with my life?” questions became much bigger with my clients. And let’s be honest, a pandemic does have a way of having you drill down to what you think is important.