According to the local experts, sales volumes dropped dramatically in April 2020—by roughly 50 to 60 percent compared to the previous year. However, by May and June, activity began rebounding in most markets, with some areas seeing significant month-over-month increases in both sales and new listings.
Despite fewer transactions, average home prices largely held steady or increased year-over-year. For example, Kitchener-Waterloo-Cambridge saw a 12.7% year-over-year price increase in May, Hamilton prices rose 10% versus May 2019, and London prices were up 7.4%.
Experts generally expect steady summer activity with pent-up demand supporting the market, though outcomes depend on employment recovery and economic reopening. They note that quality listings are selling quickly, and investors should focus on cash-flowing properties to weather short-term fluctuations.
Yes. Dalia Barsoum notes that not all lenders lend in every market, and some alternative lenders are selective about specific streets within a city. Investors should check with their mortgage advisor early to confirm which lenders finance properties in their target area.
Entry-level homes under $400,000, student rentals near Fanshawe College and Western University in London, multifamily properties in Brantford, and investment-ready single-family homes in St. Catharines are all seeing strong interest, with multiple offers common on well-priced properties.
