I was wrong about Toronto's real estate market. I thought with the COVID-19 pandemic as sellers come back to list their homes buyers would be sitting on the sidelines, looking for opportunities, get a feel for the market and see how things are going to play out, maybe look for deals but this is not what’s happening in Toronto’s real estate market. We're seeing buyers come back with a vengeance. There are multiple offers, there is competition, things are selling fast quickly and over asking.

Keep in mind this is not across the board, not in the condo market. This is not our everywhere, there's specific pockets and areas where we're seeing these type of activities but I have to say I'm very surprised. Buyers have come back very strongly, especially during this pandemic.

Here's why I think this is the case. Unfortunately, most of the layoffs that have happened over the last few months have been in the retail, service and travel sectors. For buyers in the Toronto marketplace, for the most part have been able to work remotely from home and keep their (white collar) jobs. They have that sense of confidence, they have that sense of security moving forward that their job will be there which gives them the confidence to move forward in their home buying decisions.

It'll be interesting to see how things are going to play out to when the government subsidies and mortgage deferral program get phased out. Will there be more sellers? We don't know, it'll be interesting to see, but it definitely does seem based on the data that we're seeing in the market buyers have come back with confidence and they're feeling good about moving forward despite the COVID-19 pandemic.