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Hope that you have been safe at home, or if you are an essential worker, hope that you continue to stay safe despite having to work outside your home. This week’s temperatures are going to jump up, with sunny days forecasted ahead. Restrictions are slowly starting to ease. The pandemic may not be over, but whether you’re able to book a tee-off time or finally get to work on your outdoor projects, it is time to enjoy the warmer weather!
Were you one of approximately 750,000 Canadians who deferred their mortgage payments? Are you watching rates because your mortgage is up for renewal soon or you are hoping to purchase a property before the year is out? Be sure to register for our 2020 Mortgage Update webinar next week, a free information session that will walk you through an interest rate forecast and mortgage options, with special guest “Mortgage Jake”, who will also answer all of your questions after his update. Click here for more details!
The real estate market is changing daily. The number of listings is still very low, with buyer activity starting to pick up. For more detailed information on your neighbourhood activity or to determine your 2020 Buying or Selling Strategy, please book a call/video chat with us today!
Alex and Elaine
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What is your home buying plan during COVID-19?
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One of the most common questions our clients have asked is: When is the right time to buy real estate in Toronto? Should I buy now during the pandemic, or should I wait and see what transpires with the market after we return to our “new normal”?
The answers to these questions are a bit complicated and cannot be generalized for all without a proper discussion, as we always significantly factor in your personal situation and real estate goals to provide the most relevant information.
With that in mind, we can provide you with some information about the current Toronto real estate market.
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Why now is one of the best times to buy real estate in Toronto
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| House-hungry millennials could be forgiven for hoping that the silver lining in COVID-19’s economic rampage is an unexpected shot at the real estate market.
With home prices set to soar at the start of this year, many would-be buyers went into lockdown feeling priced out and discouraged by heated bidding wars and bully offers.
Then COVID-19 sent Greater Toronto Area home sales tumbling 69 per cent year over year in April. Some consumers still hanging on to their salaried jobs read it as a signal that the window of opportunity was opening.
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| | | Congratulations to Urmila M. for winning a SIR CORP gift card last month! |
| | | We are proud to present our first live webinar on May 27, with special guest “Mortgage Jake” who will provide us with a ton of updates regarding potential mortgage rule changes, rate predictions in the coming months and general lending activity. If you are looking to buy, re-finance, defer payment, or renew your mortgage, you won’t want to miss this! Sign up today for FREE!
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| | | | Alex breaks down the TRREB Market Update! |
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| | Toronto Real Estate Market Report April 2020 |
| Toronto Regional Real Estate Board President Michael Collins released the following key housing market statistics for April 2020:
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).
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Click here to continue receiving Toronto real estate market updates, homeowner tips, client discounts at participating home services partners, chances to win prizes, access to exclusive listings, investment opportunities, free seminar invitations and more!
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ThinkTorontoHomes, Royal LePage Terrequity Platinum Realty
293 Eglinton Ave. East, Toronto, Ontario M4P 1L3 Canada www.thinktorontohomes.com | info@thinktorontohomes.com |
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