Bosley Real Estate Market Insight - June 12th, 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 - June 12th, 2020

12 June 2020
Bosley Real Estate

Open houses have been suspended throughout the COVID-19 pandemic and while real estate services were declared essential and have continued uninterrupted, agents have innovating methods for home-showings like Facebook Live, 3-D video tours, Zoom and a good portion of real estate transactions including paperwork occurs electronically. Consumers are adapting during this extraordinary time, and their willingness to embrace new tools tells us that the Canadian dream of home ownership remains strong, even during the COVID-19 pandemic. Though there has been a drop in listings, the prices in the GTA have largely been unaffected by the global pandemic so far. Nearly half of Ontarians who plan to buy a home in the next two years say that they are willing to consider going ahead with a purchase even if they can only view the property virtually, according to a new poll commissioned by the Ontario Real Estate Association. The poll also revealed that there is a portion of prospective sellers that have held off on listing their properties for sale due to COVID-19, but 54 per cent of them are willing to consider virtual showings or somewhat open to the idea. The poll conducted by Nanos Research on behalf of the OREA found that 48.9 per cent of prospective buyers are either open or somewhat open to buying a house virtually compared to 46.6 per cent who say that they are not open to the idea. Meanwhile, about 26 per cent said that they would buy a home as soon as the pandemic concludes. About 61 per cent of prospective buyers and sellers, meanwhile, said that the pandemic did not have an impact on their decisions to list or buy properties. Meanwhile, last week we saw another 23% jump in freehold listings and a slight increase in sales but of those, 75% sold at or above the asking price. The condo sector also saw a 29% increase in listings and the sales were up 18% with 42% of those selling at or above the list price. While continued tightening of mortgage lending continues, it has not put a damper on the market. 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:

CMHC’s New Mortgage Rules Cut Maximum Purchase Price By Up To 12%: Experts

”Evan Siddall, the president and CEO of Canada’s government-run mortgage insurer, appears to be a master of the ancient art of misdirection.

Ontario Halts Commercial Evictions In COVID-19 Pandemic

“The Ontario government is putting a temporary ban on commercial evictions to help small business owners who are struggling to pay their rent amid the COVID-19 fallout.”

Mixed signals? A bank offers a record breaking low fixed mortgage rate just as CMHC tightens lending rules

“Last week was puzzling if you’re a prospective home buyer with only 5 per cent or 10 per cent down.”

Nearly Half of Young Ontarians Open to Buying a Home Virtually

“Despite a new home (likely) being the biggest purchase they’ll make in their lifetime, many young Ontarians aren’t afraid to close the deal virtually.”

SRA Re-Launching Open Houses with Restrictions

“Today the SRA informed its members and the public that open houses can resume, with certain restrictions in place. When COVID-19 struck the province, the association asked all members to cease hosting open houses in the interest of public health and safety for members and homeowners. Now that the government of Saskatchewan has set a date for phase three of The Re-Open Saskatchewan Plan, the SRA feels confident that open houses can begin again.”