Home prices in the Toronto area continued to climb in March while sales were almost double that of the same month a year earlier, when the rapid spread of COVID-19 led to widespread economic shutdowns, the Toronto Regional Real Estate Board (TRREB) reported Tuesday.
Sales in the area reached a record 15,652 last month, up 97 per cent from 7,945 during the same time last year.
The sales growth was so dramatic because it compares with March 2020, when the first economic effects of the pandemic took hold and both buyers and sellers were wary of the market.
Those fears have long since dissipated. Realtors and housing agencies have reported a flurry of sales — surpassing many of their most optimistic predictions — since the start of the year.
Sales growth exploded
They say the number of people willing to purchase now will likely more than make up for last year’s low periods.
“Confidence in economic recovery coupled with low borrowing costs supported a record pace of home sales last month,” TRREB president Lisa Patel said in a release.
In the first 14 days of March, there were 6,504 sales this year, up 41 per cent from how many were sold during that time period last year.
There were 9,148 sales reported between March 15 and March 31, 2021, an increase of 174 per cent compared to the COVID period of March 2020.
Splitting the month in two is significant: the first half of March 2020 looked relatively average, but restrictions enacted after the pandemic was declared by the World Health Organization on March 11 rapidly sent home sales plummeting.
A year on, available inventory hasn’t caught up to the number of people seeking new homes, putting pressure on prices.
Lack of inventory
“While the robust market activity is indicative of widespread consumer optimism, it is also shedding light on the sustained lack of inventory in the GTA housing market, with implications for affordability,” she said.
The average price of a home in the region jumped 21.6 per cent to $1,097,565 from $902,787 last year, while listings shot up by about 57 per cent to reach 22,709 from 14,434.
The most dramatic price increases were seen in detached housing, where the average price was up by 26.6 per cent to hit $1,402,849.
The average semi-detached home was sold for $1,045,519, a 17.5 per cent hike, while townhouses spiked by 20.7 per cent at $870,553.
Condos saw the smallest growth in prices. The average condo price climbed by 2.6 per cent to $676,052.
“With sales growth outstripping listings growth by a large margin, including in the condo market segment, competition between buyers in some market segments and the potential for double-digit price growth could continue without a meaningful increase in the supply of homes available for sale,” said TRREB chief market analyst Jason Mercer in a release.
As COVID-19 vaccines for kids get closer, experts weigh up how to reassure parents – CBC.ca
As Pfizer Inc. and BioNTech say they’ve moved a step closer to providing their COVID-19 vaccine for younger children, one mother says she’s keen to have her eldest vaccinated, but hears some hesitation among other parents.
“As parents, you’re nervous and you’re apprehensive, obviously, about any risks,” said Fallon Jones, who lives in Halifax with a five-year-old daughter and two-year-old son.
“But we have to weigh the pros and the cons here, and I think that this is a good opportunity to protect them against a potentially deadly virus,” she told The Current’s Matt Galloway.
Pfizer-BioNTech said Monday that a clinical trial of its COVID-19 vaccine recorded a robust immune response in five- to 11-year-olds, and the company plans to seek regulatory approval as soon as possible. Children received two shots, each one-third the dose size given to adults. The findings have not been peer-reviewed, nor published.
For any vaccine to be approved by Health Canada, the manufacturers supply the necessary clinical trial data for review. If the regulator grants approval, the National Advisory Committee on Immunization (NACI) will make a recommendation on their use, but the final decision to deploy the vaccines rests with provincial authorities.
In a statement to The Current, Health Canada said the makers of all COVID-19 vaccines approved in Canada are conducting or planning studies in adolescents and younger children, but it has so far not received any submission for the approval of any COVID-19 vaccine for children under 12.
In her work at a vaccine hesitancy clinic in Calgary, Dr. Cora Constantinescu meets parents who are experiencing “a lot of fear and anxiety” around their children potentially getting the vaccine.
“We often have parents who are fully vaccinated themselves, who may be hesitant about their kids,” said Constantinescu, a pediatrician and infectious disease doctor at Alberta Children’s Hospital.
She said that parents talk to her about things they’ve seen online, including “anti-vaccine rhetoric and a lot of misconstrued science.”
In Halifax, Jones said she often hears other parents say they don’t know what’s in the vaccine, so they won’t give it to their kids. When she asks if they knew what was in the vaccines their kids received as babies, the response is usually no, she said.
“I completely respect and understand how there would be some fear associated with it,” she said.
But ultimately, “we trusted our doctors then and we trusted the science then, and we need to do the same with this vaccine.”
How should parents approach vaccine question?
Constantinescu said many parents have seen misinformation on social media, where there is a “huge polarization of the pro-vaccine and the anti-vaccine crowd.”
“The parents are caught in the middle, scared and worried about their kids, trying to make the best decision they can,” she said.
As parents approach the decision, they should consider the dual impact of COVID-19 on children, she said.
“We’re seeing the direct effects of COVID on children, and we know that that can range from mild disease, to respiratory illness, to being hospitalized, having a multi-system inflammation, to ending up in ICU,” she said.
There is also an indirect cost, including mental health issues and issues around socialization, she said.
The news from Pfizer-BioNTech gives her hope that those impacts can soon be addressed, but she warned that the data has not yet been made public, or reviewed by Health Canada.
If it is approved, she said parents should approach the vaccine as an issue of “personal protection first.”
“It’s about protecting their kids directly, looking out for them, and wanting to return them to a normal life,” she said.
‘Pull out all the stops’ to protect kids
Dr. Kashif Pirzada, an emergency physician in Toronto, wants to see a safe vaccine for kids approved and available as quickly as possible.
“I’m calling for all of these processes to be speeded up and done very transparently,” said Pirzada, who is also a co-founder of Masks4Canada, a group that advocates for public health measures to slow the spread of the virus.
He added that more work should be done to reassure parents that the vaccines are safe. He warned that COVID-19 is not harmless to children, and the longer they remain unprotected, the more infections there will be.
In the meantime, vaccination sites and health-care workers could be prepared to ramp the vaccination campaign back up, he said.
“Once that approval comes, we should pull out all the stops and get these shots into little arms as quickly as possible.”
Written by Padraig Moran. Produced by Rachel Levy-McLaughlin, Arianne Robinson and Joana Draghici.
Gold price drops as Powell talks 'gradual' tapering, downplays Evergrande contagion concerns – Kitco NEWS
(Kitco News) The gold market saw its earlier gains reversed as Federal Reserve Chair Jerome Powell talked about “gradual” tapering while downplaying China’s Evergrande contagion effect on the U.S. market.
On Wednesday, the Fed said it may soon start tapering its $120 billion in monthly asset purchases, with central bank officials showing growing support for raising interest rates in 2022.
“If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted. These asset purchases help foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses,” the Fed said in a statement.
When clarifying the Fed’s stance at a press conference following the Fed statement, Powell indicated that it would be a “very gradual taper,” which could conclude in the middle of next year.
Powell also pointed out that the central bank has the freedom to speed up or slow down the tapering process as it sees fit. He added that markets should not expect a rate hike while the Fed is still tapering.
Tapering does depend on substantial further progress made by the U.S. economy. And if the economy continues to advance in line with expectations, the Fed could move ahead with tapering at the next meeting.
“For me, it wouldn’t take a knockout [August] employment report. It would take a reasonably good employment report for me to feel like that test is met,” Powell said. “I would say that in my own thinking, the test is all but met. I don’t personally need to see a very strong employment report. Again it’s not to be confused with the test for [rate] liftoff, which is so much higher.”
The Fed Chair was also asked about China’s Evergrande debt issue, which sparked a rout in the markets earlier this week.
“The Evergrande situation seems very particular to China, which has very high debt for an emerging economy,” Powell told reporters. “Corporate defaults in the U.S. are very low right now … You would worry that it would affect global financial conditions through confidence channels.”
When asked about the stock-trading policies for Fed officials, Powell replied that they are “not adequate” and the Fed “could do better.”
Powell noted that it is reasonable for Fed officials not to own the same assets as Fed buys. “We are going to be looking at all those things,” he said.
On the debt ceiling issue, Powell also urged Congress to raise the debt limit in a timely fashion. “It is critically important. Failure to do that is something that could result in severe damage to the economy and financial markets.”
He added that no one should assume Fed can protect the economy if the debt ceiling is not raised.
In response to Powell’s comments, gold saw some losses as markets interpreted Powell’s comments as upbeat when it came to the U.S. economy. At the time of writing, December Comex gold futures were trading at $1,767.20, down 0.62% on the day.
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