As we navigate through these uncertain times, we are wondering what condo life will look like in the future. To illustrate how quickly the condo market changed as a result of COVID-19, resale activity was up 25% year-over-year during the first half of March 2020 and fell 21% year-over-year in the second half of the month, with even steeper annual declines of over 70% reported for April. However, the GTA market was exceptionally tight leading into the COVID-19 period, creating spillover demand that has enabled the limited number of units on the market to continue transacting. In fact, the average sale price-to-list-price ratio has remained near 100% through April, and the average days on market was unchanged at 18 days…
Read moreMARKET UPDATE FOR THE WEEK ENDING MAY 15TH, 2020
In the early stages of the lockdown most of us were in a state of shock. That has changed as time has gone on. People now realize it will not be the same moving forward, so we are starting to plan for life after the lockdown…
Read moreMARKET UPDATE FOR THE WEEK ENDING MAY 8TH, 2020
The April stats were released this week from the Toronto Real Estate Board and as bleak as it may look with sales down 67%, home prices remained at April 2019 levels. There was also a report put out by CMHC (Canada Mortgage and Housing) that suggested Canada’s real estate prices probably wouldn’t return to pre-covid levels until the end of 2022. The experts reject that bleak outlook suggesting national outlooks do not necessarily reveal regional, municipal, or even neighbourhood distinctions, and some experts say Toronto’s prospects may not be so bleak…
Read moreBOSLEY MARKET SNAPSHOT - APRIL 2020
MARKET UPDATE FOR THE WEEK ENDING MAY 1ST, 2020
Ah…the month of May when spring gradually blooms into summer and finally some good news to report. Some economists apparently predict home prices to rise 6% this year and we can expect to see rapid price growth once the outbreak passes, several recent forecasts have predicted, even amid massive job losses. Despite a steep drop in sales this year, the average home price in Canada will be 6.1% higher at the end of this year than it was a year earlier, TD Bank said in a forecast issued this week…
Read moreMARKET UPDATE FOR THE WEEK ENDING APRIL 24TH, 2020
The mid April market update was released from the Toronto Real Estate Board for the first 17 days of April and it provides the first comprehensive look at the state of our market during the government shutdowns. Sales were down 69% compared to the same time in 2019. Most affected were high end ($2 million+) detached homes and the condominium market where sales fell 72% year over year. Condos have traditionally attracted a high share of first-time buyers, who in times of uncertainty can put their decision to purchase on hold…
Read moreMARKET UPDATE FOR THE WEEK ENDING APRIL 17TH, 2020
While several businesses have taken a hit with the pandemic, the real estate market is seeing a decrease in home-buying interest both locally and nationally. The overall March sales results were clearly driven by the first two weeks of the month. There were 4,643 sales reported in the pre-COVID-19 period, accounting for 58% of total transactions and representing a 49% increase compared to the first 14 days of March 2019. There were 3,369 sales reported during the post-COVID-period – down by 15.9 per cent compared to the same period in March 2019…
Read moreUpdate to Ontario's Essential Services
Canada Emergency Response Benefit
To help Canadians who have lost work due to the COVID-19 pandemic, the federal government has developed the Canada Emergency Response Benefit (CERB) to provide urgent financial assistance to people who may not have qualified for the Employment Insurance sickness benefit (those applicants will be automatically transferred to the CERB program). Starting Monday, Canadians can apply for this program which will provide a taxable benefit of $2,000 per month for up to 4 months… here are a few of the program details…
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