Over the past few days, we’ve seen many changes to our daily routines as a result of COVID-19. We at Bosley feel it’s our duty to give back to the community we love so dearly in whatever way we can, so we’re coming to you! We have gathered together a group of volunteer agents who are available to help you with deliveries, whether it be groceries, or any drug store need. Just give us a call at 416-530-1100 and ask for Mary and we will get right on it to help you. Nothing about this time is normal and we’ve abandoned trying to make it so. But we are still reaching for little things that offer support…

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 we all try to adapt to the rules of “social distancing” in an effort to slow the spread of Covid-19, we’re waiting to see just how this will impact us in the long-term. Already we’ve seen a significant impact on our economy – the stock market & Canadian dollar have dropped, businesses have been forced to temporarily close or if possible to adapt to working from home, and consumer behaviour has been completely upended. The real estate buying process has been disrupted in the short-term for both buyers and sellers – people are understandably concerned about having their homes shown to dozens of strangers and the concept of an open house is out the window. There are always going to be reasons for people to need to buy or sell properties, so eventually we will adapt to a ‘new normal’ in the real estate market. In the meantime, many financial relief measures have been introduced to help ease the burden…

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…

Stocks have fallen hard in the last couple of weeks, so does that mean Toronto Real Estate is the new gold? Sales of houses and condos for the first week in March were up 47% over the same period last year and average prices rose 18%. Sales are still strong, there are still plenty of bidding wars, and open houses are still busy. There has also been a sharp decline in interest rates for all kinds of borrowing including mortgage rates. These lower interest rates have sent the mortgage industry into a frenzy, as buyer’s race to take advantage of cheaper loans. A five-year fixed-rate loan is sitting as low as 2.29%, close to the record low of 2.09% offered in November 2016, after oil prices crashed and the central bank had to cut rates to stimulate the economy. But could these rate cuts be a warning sign about a lack of security for jobs and incomes? The one good beacon of hope is the health crisis appears to be fading in China and South Korea, creating the possibility of future positive surprises…

Businesses all over the world are becoming increasingly concerned about the Coronavirus’s impact on various markets. Could our real estate market be affected? Toronto was one the first places in Canada to experience Severe Acute Respiratory Syndrome (SARS) related emergencies in 2003. Interestingly, housing sales data from 2003 in Toronto show no apparent signs of suffering. Sales increased in units from the previous year, and similarly the average sale price increased during the same time period. Coronavirus to date has already claimed more lives than SARS did in 2003. The uncertainty about how long the threat will last and how quickly it can be contained will weigh heavily on the markets. Since the epicentre of the breakout is far from Canada, it is probable that the adverse impacts on Canadian markets will be moderate at worst…

The government is at it again. On Tuesday they said they would make it easier for some people to get into the housing market by tweaking the mortgage stress test, making it slightly lower for insured loans. The Office of the Superintendent of Financial Institutions (OSFI), which regulates banks is expected to extend a new weekly benchmark to uninsured mortgages this spring. It’s a move that could be worrisome because some believe this will fuel prices even more, especially at the lower end of the market where condos are already in short supply. The number of condos available for sale in January was the lowest it’s been in 25 years. A lot of that is due to investors holding onto their units. Condo prices appreciated 15 percent last year…

Is the Toronto housing market picking up steam at an “uncomfortable” pace that resembles the sky-high gains of 2016? One just has to look at the number of multiple offers and wild bidding wars to know that demand is at an all time high. So what should we expect as we move forward? Hopefully as we start moving into the spring market many agents are anxious to see if listings will become more plentiful especially after this long family weekend. We as realtors continue to do what we always do. We perform our duties and forge ahead. Let us take this weekend to be with family and see what next week brings us…

The home sales market continues to boom in January, which traditionally has been a slow time for realtors. According to the stats that were just released for January, we started 2020 where 2019 left off, and that the Toronto and GTA real estate market is showing signs of strength in price and the continuation of a new upward trend. The average selling price for the City of Toronto is up 13.7% to $884,385 compared to a year ago. Again, the problem is the shortage of listings which were down 16%. Even if the volume of transactions remains relatively low in the Toronto area, demand is building. It seems anything coming to market is being snapped up in days. The lack of housing supply is the main reason behind soaring prices in and around Toronto…