SARS and the Market: by the Numbers
Reports of the disease from China began in January 2003, and by March, it had become a global pandemic. Toronto was one of the most impacted places in North America. The disease had the city under arrest for nearly six months, with global concerns tapering as early as May.
So, how did Toronto’s real estate market perform through this social and economic crisis? Historically, this global pandemic had little impact on Toronto’s growing real estate market and zero impact on decreasing housing prices. Here are the numbers:
• In March of 2002, before the SARS outbreak, there were 3,040 sales in Toronto with a dollar volume of 918 million and an average home price of $302,000.
• In March of 2003, at the height of the outbreak, there were 2,909 sales in Toronto with a dollar volume of 916 million and an average home price of $315,000.
• In March of 2004, after the outbreak, there were 3,494 sales in Toronto with a dollar volume of 1.16 billion and an average home price of $331,000.
We can see from these statistics that SARS may have affected the number of people buying and selling. However, Toronto’s growing demand for housing and lack of supply continued to increase pricing—despite stock market frustrations and global economic concerns. By all appearances, this historic trend remains unchanged today. With Toronto’s vacancy rates below 1% and estimated population growth of over 100,000 each year, supply and demand will continue to be the strongest driver of the city’s real estate market.
Reports of the disease from China began in January 2003, and by March, it had become a global pandemic. Toronto was one of the most impacted places in North America. The disease had the city under arrest for nearly six months, with global concerns tapering as early as May.
So, how did Toronto’s real estate market perform through this social and economic crisis? Historically, this global pandemic had little impact on Toronto’s growing real estate market and zero impact on decreasing housing prices. Here are the numbers:
• In March of 2002, before the SARS outbreak, there were 3,040 sales in Toronto with a dollar volume of 918 million and an average home price of $302,000.
• In March of 2003, at the height of the outbreak, there were 2,909 sales in Toronto with a dollar volume of 916 million and an average home price of $315,000.
• In March of 2004, after the outbreak, there were 3,494 sales in Toronto with a dollar volume of 1.16 billion and an average home price of $331,000.
We can see from these statistics that SARS may have affected the number of people buying and selling. However, Toronto’s growing demand for housing and lack of supply continued to increase pricing—despite stock market frustrations and global economic concerns. By all appearances, this historic trend remains unchanged today. With Toronto’s vacancy rates below 1% and estimated population growth of over 100,000 each year, supply and demand will continue to be the strongest driver of the city’s real estate market.
Eglinton West
Eglinton W & Royal York
20% in 2 Years
Start Mid 300's
Many Travel Options
Easy Access to the UP Express & Eglinton Crosstown LRT
HWY 401 & 427
Several TTC bus routes within walking distance
Leading to the Subway & GO stations
Close to Nature
Many Lovely Parks & Some Greenspace
Golf Clubs can offer a Relaxing day out
Urban Amenities
The Area is Bustling with a Wide Variety
of Eateries and Shopping Malls
Access to Grocery stores, Pharmacies, Banks
Location Highlight
• Step away from TTC Bus Station
• Only a short Drive to Hwy 401
• Close to School and Public community centre
• Short Distance to Richmond Hill Town
• Close to the Park and Shopping
• This location is in the Humber Heights-Westmount neighborhood in Toronto. Nearby parks include Scarlett Heights Park, Ukranian Canadian Memorial Park and Scarlett Mills Park
Eglinton W & Royal York
20% in 2 Years
Start Mid 300's
Many Travel Options
Easy Access to the UP Express & Eglinton Crosstown LRT
HWY 401 & 427
Several TTC bus routes within walking distance
Leading to the Subway & GO stations
Close to Nature
Many Lovely Parks & Some Greenspace
Golf Clubs can offer a Relaxing day out
Urban Amenities
The Area is Bustling with a Wide Variety
of Eateries and Shopping Malls
Access to Grocery stores, Pharmacies, Banks
Location Highlight
• Step away from TTC Bus Station
• Only a short Drive to Hwy 401
• Close to School and Public community centre
• Short Distance to Richmond Hill Town
• Close to the Park and Shopping
• This location is in the Humber Heights-Westmount neighborhood in Toronto. Nearby parks include Scarlett Heights Park, Ukranian Canadian Memorial Park and Scarlett Mills Park