Bosley Real Estate Market Insight - March 27th, 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 27th, 2020

27 March 2020
Bosley Real Estate

If you’re planning to buy a home in the next little while, you will likely have to do it sight unseen. Just a few days after the Ontario Real Estate Association (OREA) urged its members to cancel all open houses, the group is now urging agents to stop all person-to-person business. That includes “open houses, and in-person showings, particularity of tenant-occupied homes,” OREA said in a statement Tuesday afternoon. “While clients who may decide to host private showings during this time are making the decision for themselves, tenants often have no choice in the matter, putting the health of all those involved at risk.”. As part of its state of emergency, the Ontario government declared real estate an essential service, allowing home sales to continue. The move was made primarily to allow those who have already bought and need to sell, or those who have already sold and need to buy, to finish their transactions.

We as realtors have a responsibility to protect our own safety, as well as the safety of our colleagues, clients, and the general public. We must adapt our practices to ensure that our professional activities are safe and comply with all guidance provided by Health Canada, the Province of Ontario and medical professionals.

We are monitoring developments by the hour and changing best practices by the day. If we all stay home like we are told and do as much as we can remotely, we can do our best to flatten the curve and get back to normal sooner. Conditions and government measures are changing so quickly that it’s too soon to tell what will happen with the real estate market longer term.

However, the reality is that the fundamentals of the market, particularly in the GTA and other major urban centres, don’t change; pent-up buyer demand has been slowing building as the supply of available homes for sale remains scant. Due to the limited inventory available, combined with the population growth in Ontario’s big cities like Toronto, we can expect market activity to resume and recover quickly once we’ve mitigated the health risks from COVID-19 and the financial markets stabilize.

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.

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