Toronto real estate agents urge governments to increase housing supply in COVID-19 relief plan – Toronto


TORONTO – As home prices rise, a group of Toronto real estate agents say governments should focus economic recovery plans on housing supply and be careful not to overstimulate demand.The Toronto Regional Realty Board says that many people are going ahead with their home purchase plans, even during a COVID-19 pandemic and recovery.

As the economy oscillates, this could lead to house price inflation, according to the TRREB report to lawmakers.

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Toronto home sales rise, auction wars decline due to coronavirus pandemic

Even though the number of home sales fell during the pandemic, prices remained stable as buyers and sellers withdrew in equal measure, TRREB estimated. If registrations are delayed, this could reduce supply, said TRREB, assuming that the spread of COVID-19 continues to be contained.

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Rather than focusing stimulus on stimulating homeowners, the group of 56,000 real estate agents suggested that improving the supply of housing would keep prices affordable for buyers.

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Coronavirus: When is the Right Time to List Your Home for Sale in Ontario?

Among TRREB’s recommendations, the city should accelerate plans to add duplexes and low-rise apartment buildings in neighborhoods with single-family homes.

© 2020 The Canadian Press


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