Bosley Real Estate Market Insight - July 24th, 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 - July 24th, 2020

24 July 2020
Bosley Real Estate

The Ontario government has lifted the ban on public open houses effective today in regions entering Stage 3 and Toronto is expected to follow suit by the end of the month. But is this such a good idea? Will sellers allow them? And will buyers attend? And what about the safety of the Realtor? The topic has become a hot one among real estate agents. Many people would attend open houses as a pastime – even if they weren’t planning to buy right away. Open houses were just an easy way to see homes and sometimes viewed as an ineffective way of driving traffic to a property. So far business has been booming in Toronto and the surrounding regions with no open houses. Sales representatives can now market your home effectively using an array of technological tools that can be accessed easily by buyers. Virtual viewings are now mainstream, have increased in popularity and have a much wider audience reach. Statistics show that consumers using virtual tools are more likely to reach out to a Realtor. If agents had been unable to do business maybe open houses would be necessary, but agents and their clients have adapted to the new ways of doing business. Safety first! Last week the freehold market recorded a solid 10% increase in new listings, and overall sales were up a whopping 40% from the previous week. Competition for homes is still strong with 63% of all properties selling at or above the list price While this is frustrating buyers across the 416 that same enthusiasm for home ownership is spreading throughout the province, all the way up to cottage country. The condo market continues its positive activity. New listings did not change from the previous week, but sales jumped 40%, the largest jump in weeks. The percentage of suites selling at or above the list price is at 37%. The demand is picking up for condos again.

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:

Mortgage Deferrals ‘Buying Time’ For Canadians, Bank Of Canada Says

”The pause in mortgage payments are giving people a chance to get back to work.”

Despite COVID Outbreaks, Many International Cities Enjoying Sales Recovery in July

“According to Knight Frank's latest Global Property Index, and despite localized outbreaks, a number of global cities are seeing sales volumes continue to recover with April so far looking to be the low point for residential activity.”

Posthaste: Why are U.S. cities are getting more affordable while Canada's cities get really pricey?
“Unaffordable housing is holding back our economy, says study.”

Prince Edward County real-estate boom signals a fundamental change

“Demand for real estate in Prince Edward County, Ont., exploded in June as pandemic-weary Toronto residents seek an escape from the city.”

The Toronto Rental Market Has Softened for the First Time in Years, Now What?

“We can now put some numbers behind what happened (and continues to happen) in the Toronto rental market after the province all but came to a standstill in mid-March due to the COVID-19 pandemic.”