The Greater Toronto Area’s real estate market had its busiest September on record, even as COVID-19 cases rise and the Canada Emergency Response Benefit (CERB) wound down.
The Toronto Regional Real Estate Board (TRREB) says 11,083 homes were sold during the month, 42.3 per cent more than September 2019.
TRREB continued to beat the drum of pent up demand to explain the unusually strong sales this late in the year, combined with low interest rates. But it also warned the pandemic’s economic effects could cool the market in the coming months.
“Further improvements in the economy, including job growth, would support strong home sales moving forward,” said TRREB president Lisa Patel, in a release. “However, it will be important to monitor the trajectory of COVID-19 cases, the related government policy response, and the impact