TORONTO: The Toronto Regional Real Estate Board (TRREB) was invited to present to the Provincial Standing Committee on Finance and Economic Affairs, with regard to the economic impact of the pandemic on the Greater Toronto Area real estate industry and market.
TRREB President Lisa Patel engaged MPPs through a virtual presentation.
TRREB’s key messages were:
• declaring the trade in real estate as an essential service during the economic shutdown was the right move and should be done again if we’re forced into another economic shut down;
• prohibiting traditional physical open houses was also the right move and supported by
TRREB and our Members ;
• the real estate market has rebounded quickly and substantially and is expected to continue to do so;
• any new demand-side stimulus should be considered cautiously to ensure that affordability challenges are not exacerbated due to a lack of adequate supply and to avoid contributing to housing price inflation; and,
• government efforts should focus on increasing the supply of diverse and adequate housing for sale to better meet already high demand.