Bosley Real Estate Market Insight - March 20th, 2020 - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale

Bosley Real Estate Market Insight - March 20th, 2020

20 March 2020
Bosley Real Estate

The Covid-19 has changed the way we live our daily lives, and it has upended countless business sectors, including our real estate market. Real estate agents, buyers and sellers are struggling to do business when it’s anything but business as usual. This is a day-to-day situation. We are currently living through history. For Canada’s housing market the immediate future is uncertain. We are trying to find solutions in the era of social distancing and mandatory quarantines. However, we are seeing some steady activity as some appear undeterred. In fact, some buyers have taken encouragement from recent rate cuts implemented to combat the crisis. Lower interest rates can serve as rocket fuel for home prices, but that might not likely be the case this time. It's the first week of the “new normal” for everyone, after it was announced that ‘Ontario is under a state of emergency’ which is currently in effect until March 31st. We are settling in and are adjusting day-by-day. Most real estate companies have put protocols in place.

• Open houses are cancelled

• Strongly advise the Seller to move out during its listing on the market

• One group of buyers at a time and try not to bring your children

• Don’t touch surfaces only if the agent has provided gloves and wipes

• Limit your showings to 30 minutes Buyers are still out there, but the market could swing either way. If supply falls, prices may be pushed higher. Home sales in the GTA in February were growing by over 40% compared to last year and prices were growing by just under 20%. Even if some buyers decide not to buy right now, we would still have a competitive market with approximately 2.5 months of inventory. Homes are still selling quickly but instead of getting 10 plus offers on offer night, there may only be 1-3 offers. People still need to buy homes to live in and will still buy and sell for the traditional reasons – divorce, death, desire and relocation. Stay safe everyone.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto, Niagara-on-the-Lake, Port Hope and Cambridge Ontario since 1928. We have four centrally located offices and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.

Here Are The Top Five Trending Stories Of The Week:

Canada’s Big Banks Offer 6-Month Mortgage Deferrals ‘On Case By Case Basis’

”Canada’s big six banks say they are ready to provide financial relief to customers impacted by COVID-19, including deferral of loan payments “on a case by case basis.”

COVID-19 Prompts Canada's Home Builders To Embrace New Tech

“We are currently living through history. Beyond the closure of schools, restaurants and other everyday services, workplaces around the world are scrambling to implement work-from-home policies or shut down altogether in the face of the coronavirus pandemic.”

Toronto housing market in flux as low interest rates compete with social distancing

“A week ago Toronto’s spring housing market was poised to be a sizzler with more buyers than listings. By Monday, real estate executives were reporting mixed results from weekend open houses, some of which continued to be brisk and others that stood empty.”

Coronavirus: How the Trudeau government and provinces are helping renters

“Having grown from farmland to fantasy land, the Bridle Path has been one of Toronto’s toniest neighbourhoods for some 75 years. The streets are still wider than the norm, having been built thus to allow extra space for recreational equine traffic (hence the term “bridle”). Properties range from 1.5 to six acres, with elaborate gates and landscaping protecting the houses from the roads (which still have the flavour of the old days, given their lack of sidewalks; but even their modern-day speedbumps are accessorized by red brick pavings)..”

Almost 33% of Canadian households rent their homes. Who is going to help them in the coronavirus crisis?

“Governments and businesses all over are adapting fast to the restrictions imposed to cope with COVID-19. The ensuing economic slowdown is going to affect cashflows of workers whose jobs are, or will soon be, interrupted. Businesses, such as restaurants, also face imminent financial challenges as sales have plummeted.”