By: Gavin Chen

APRIL 2020

Tags: 2020 NEWSLETTER, ROYAL LEPAGE TERREQUITY BESPOKE REALTY, GAVIN CHEN, THE GAVIN CHEN TEAM, TORONTO REAL ESTATE, OAKVILLE REAL ESTATE, MISSISSAUGA REAL ESTATE

The COVID-19 outbreak has created a new reality for all of us, at least temporarily.  Chances are you’re dealing with many new challenges, both personally and professionally.  We all are. 

Now, it’s up to each of us to do our part so we can get through this as quickly as possible.

Remember, we’re all in this together.  Stay positive and know that things will get better.

In the meantime, you might have immediate concerns about the real estate market.  For example, you might be wondering if you should put off moving.  Or, you might need to move but are worried about all this uncertainty.

If so, give me a call.  As a real estate professional, I have the latest market information, insights and tools - and can give you sound advice.

Good information and advice are often the antidote to stress, especially during challenging times.  So, please, don’t hesitate to reach out to me.

Take care and know that I’m thinking of you and wish you well.

Realty Stats: Average pricing fell 1.1% and number of sales were down 20.8% in March 2020 from February 2020.  The average sale price is still up 14.5% year over year in comparing March 2019 to March 2020.  

With the lockdown we have seen the levels of: showings, new listings and sales sharply decline from the beginning of March into April.  New listings are outpacing the number of sales and some inventory is building, which will lead to some downward pressure on pricing.

This is the 1st opportunity in over a decade to get a deal on Toronto real estate.  Taking condos as an example, I saw pricing move from an average of $1000 per square foot in December 2019 to some sales surpassing $1300 per square foot by the first week of March 2020.  Currently, the sales have been just under $1000 per square foot.  I expect once the lockdown is lifted for the inventory to be eaten up quickly and the pricing to increase rapidly.

Thinking back to the financial crisis of 2008, I remember in downtown Toronto home prices flat lining in October for several months and then by March it was like the crisis never occurred.  I expect the market to have the same reaction here.  There is currently a window of opportunity for those prepared to make huge gains and get deals on properties.  Please reach out to us to get our 5 Point Preparedness Plan on how to prepare and be ready to buy now and post lockdown - to get deals while honouring social distancing.

Foodie Tip: Moroccan slow cooker stew - beef shank (or stew beef), preserved lemon, pitted olives, canned diced tomatoes, diced onion, 3 large carrots, 1.5 teaspoon ginger, 3 bulbs garlic, 1 teaspoon turmeric, 2 teaspoon cinnamon, saffron (if you have it), crushed dry chili (if you like it spicy).  Slow cooker for minimum of 5 hours on low setting.  Eat with polenta..hot and hearty.