Residential resale market bolsters Canadian real estate agents and brokers industry in 2020
Operating revenue in the Canadian real estate agents and brokers industry rose 11.4% in 2020 to $17.3 billion, the fastest pace since 2016. This industry experienced strong demand in nearly all areas of the country in 2020. Its performance during the pandemic was fuelled by the accelerating residential housing market. However, commercial real estate was impacted by the COVID-19 pandemic.
At the onset of the pandemic, in the second quarter of 2020, the industry faced a sharp decline in home sales. Nevertheless, by the end of the third quarter of 2020, home sales and prices had quickly recovered beyond pre-pandemic levels. Many Canadian households took advantage of historic lows in borrowing costs and sought more living space as a means to adapt to the new reality of working from home.
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