By: Gavin Chen

JUNE 2020

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

If you’re like most homeowners, you’ve probably found these past few weeks challenging to say the least.  Although the experts say we are making progress, we’re still trying to find our footing on an uncertain road.  We’re figuring out how to live and work in new ways.

In fact, when it comes to real estate, you may be wondering, “How does the selling/buying process work in times like these?” or, if you want to sell, “Is now a good time or should I wait?”

If you’re looking for answers, please reach out to me as we have successfully helped clients buy, sell and lease properties during these difficult times while maintaining social protocols.

Yes, there have been changes in how the buying/selling process works and I’m happy to fill you in.  In fact, if you have any questions or need any help that’s real estate related, feel free to contact me.

Remember, if you need me, I’m here.

Realty Stats: The TREB system reported a decline of 53.7% in activity in May compared with a 67.1% decline in April compared to last year, however, seasonally adjusted sales were up 55.3% in May 2020 compared to April 2020. 

New listings although down 53.1% from May 2019, they were up 47.5% in May versus April 2020. 

Average pricing is up 3% since last year and higher in the central areas.

Many people have concerns about the CMHC forecast that was quite negative and has received ample backlash against the generalized statement.  Their stats were for Canada as a whole and NOT the GTA.  The GTA is the #1 destination for immigration in North America, Dallas is #2.  Interest rates are at historic lows.  Inventory is still low and demand is up.  

As predicted in my previous newsletter, the bottom has passed and the market grows daily.  We are witnessing multiple offers and active buyers and sellers engaging the market.  Rental market is still slow due to inventory and rents have come down slightly.

We expect the market to continue to grow and will increase in competition, especially once the official lock down phase 2 and 3 are announced.  Now is still a great time for buyers to get in, although active competition, it may be even more competitive in the months ahead.

Foodie Tip: For Father's Day there is a $99 Schwartz's food box - https://www.imissmontrealfood.com/.  I haven't done it yet, but how can you go wrong?  Looking forward to this!