KNOWLEDGE CAFÉ

Toronto Regional Real Estate Board President Lisa Patel announced that Greater Toronto Area REALTORS® reported 8,701 sales through TRREB’s MLS® System in June 2020. This result represented a very substantial increase over the May 2020 sales result, both on an actual (+89 per cent) and seasonally adjusted basis (+84 per cent), and was only down by 1.4 per cent compared to June 2019.

Toronto Regional Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 4,606 sales through TRREB’s MLS® System in May 2020. This result was down by 53.7 per cent compared to May 2019. While the number of sales was down substantially on a year-over-year basis due to the continued impact of COVID-19, the decline was less than the 67.1 per cent year-over-year decline reported for April 2020.

Although real estate trades may continue, it doesn’t mean a return to “business as usual.” At this time, in-person open houses are not permitted.

Embracing digital technology is essential in order to reduce the risk of COVID-19 transmission. As recommended by the Real Estate Council of Ontario (RECO), I will be employing measures such as the following technological solutions to support my clients with their real estate transactions:

• Using virtual tours, 360 walk-throughs, mobile measurement applications and digital floorplans instead of in-person viewings
• Using electronic documents and signatures, instead of paper documents
• Using electronic funds transfers instead of certified cheques
• Communicating via written communications, smartphone technology applications, and video conferencing, instead of face-to-face.

By embracing innovation and technology, I can eliminate the need for in-person interactions and continue to provide a high level of service for my clients.

Our homes are a feature in our lives even more these days. Stay safe. Be kind to your neighbours and each other.

Toronto Regional Real Estate Board President Michael Collins released the following key housing market statistics for April 2020:

Home Sales and Listings
• Greater Toronto Area REALTORS® reported 2,975 residential transactions through TRREB’s MLS® System. This result was down by 67 per cent compared to April 2019. Weekday sales remained within a relatively steady range during the month, averaging 130 per day.

• New listings amounted to 6,174 in April 2020 – down on a year-over-year basis by a similar rate compared to sales (-64.1 per cent).

The Government of Ontario ordered all non-essential businesses to close by 11:59 PM on Tuesday, March 24, 2020 due to the COVID-19 pandemic. The government published exceptions to this order in their list of essential workplaces. Notably, the government has deemed real estate an essential service. Although real estate trades may continue, it doesn’t mean a return to “business as usual.”

Embracing digital technology is essential in order to reduce the risk of COVID-19 transmission. As recommended by the Real Estate Council of Ontario (RECO), I will be employing measures such as the following technological solutions to support my clients with their real estate transactions:

• Using virtual tours, 360 walk-throughs, mobile measurement applications and digital floorplans instead of in-person viewings

• Using electronic documents and signatures, instead of paper documents

• Using electronic funds transfers instead of certified cheques

• Communicating via written communications, smartphone technology applications, and video conferencing, instead of face-to-face.

By embracing innovation and technology, I can eliminate the need for in-person interactions and continue to provide a high level of service for my clients.

In keeping with the declaration of the State of Emergency for Ontario, I am suspending my in-person services until further notice.

In times of crisis, we all revert to our comfort zones, and for me, that means helping. If you need advice, or have real estate inquiries, I will try to assist you as best as possible through online means.

I know many of you are worried about what this means to the value of your home and other investment properties.

As the COVID situation and the government response to it seemingly changes every hour, it’s impossible to predict what’s going to happen.

But we do know that:

• Interest rates have fallen (it may be a good time to look into refinancing)
• Homes are NOT currently being sold below market value; while today’s Buyers are factoring the COVID uncertainties into their offers, homes are still being sold for what they would have a few months ago.
• The Canadian government and our banks will be offering mortgage deferral options and other financial packages, to assist all Canadians.
• If property prices dip temporarily, remember: that only matters if you decide to sell your home.

Our homes are a feature in our lives even more these days as we shelter in place, self-isolate or quarantine.

Stay home. Stay safe. Be kind to your neighbours and each other.