By: Emua Adodo
Toronto is considered the most populated city in Canada and the most multicultural city in the world. At some point, there were rumors about houses in the city not being enough to accommodate the masses.
Over three years, the number of jobs created in Toronto is more than the number of accommodation created. There are speculations about the cost of buying a house increasing this year with almost 10%.
Mohammad-Amin Morshedi is a real estate agent based in Toronto.
He says the reason behind the high cost of owning a house in the city is because “supply is less and demand is high” so the cost is also high. This makes it difficult for people to afford their dream house in Toronto
Since the outbreak of COVID-19 various businesses have been affected and the real estate market is not left out.
Morshedi further said the market has slowed down and its best people willing to buy a home take advantage of these times because of the low-interest rates.
The economy is currently experiencing a downturn due to the rise and spread of COVID-19. People are advised to remain indoors to slow the spread. The emergency orders given by the city of Toronto has affected some people and the effect on the real estate market has been described as a disaster.
Jude Walters is a fashion designer and owns his clothing line. He wants to combine resources with his sister to buy a house.
Jude and his sister plan on moving to another city where houses are affordable.