With anxiety mounting throughout March as the economic impacts of the COVID-19 pandemic intensified, Canada’s central bank took swift action to slash interest rates at several points during the month. The cut announced by the Bank of Canada on March 27th meant that the overnight rate — which influences mortgage rates — had reached a […]
As the coronavirus pandemic continues to have an impact on every industry, Toronto’s real estate market took another hit in April, with the average rent for both 1 and 2-bedroom apartments down on a year-over-year basis, according to new data from the Toronto Regional Real Estate Board (TRREB). This coincides with rental transactions for both […]
You know what they say: The show must go on. While that’s not true of everything amid the COVID-19 pandemic, it’s true when it comes to the biggest transit project in Mississauga’s history. If you regularly commute down Hurontario Street in Mississauga, you should note that some delays are possible due to a grand-scale construction […]
As the real estate market continues to take hit after hit as a direct result of COVID-19, with both prices and sales down in the Greater Toronto Area (GTA), it’s hard to imagine we’ll be on the other side of the pandemic any time soon. But, if it’s any consolation, Toronto home sales finally started […]
space is the new luxury,” says Max Hahne, broker of record at Engel & Völkers Collingwood Muskoka. It turns out that no matter how nice a house or condo you have in the city, during a pandemic, you’re still in the city. And the restrictions COVID-19 has placed on Toronto residents have led many homebuyers […]
TORONTO — The Ontario government has announced that certain businesses and workplaces can reopen on Monday with strict public health measures in effect. The government said businesses permitted to reopen include seasonal businesses and some essential construction projects. “Right now, there are certain businesses and workplaces that can operate safety,” Premier Doug Ford said Friday. […]
Nearly two weeks into an aggressive physical distancing campaign aimed at curbing the spread of the novel coronavirus, cases are doubling at a slower rate in Canada than elsewhere, and hospitals are not yet overwhelmed, public health experts say. But it’s too soon to tell how well the country will fare. Because Canada’s COVID-19 situation […]
MONTREAL ― The COVID-19 economic crisis has shuttered our cinemas and airlines, thrown restaurants and bars into disarray and is currently busy running up a heck of a government deficit. But apparently it can’t derail Canada’s housing markets, many of which can expect to see rapid house price growth once the outbreak passes, several recent […]
Mayor John Tory says Toronto could face a budget shortfall of nearly $2.8 billion as a result of COVID-19’s lasting impact on the city. Tory announced the news Friday afternoon during his daily briefing, calling the coronavirus outbreak “one of the greatest financial challenges the city has ever faced.” During his briefing, Tory said the […]
Love it or hate it — whether you’ve witnessed the meteoric rise in your property’s value over the past decade, or felt the deep frustration of wondering if you’ll ever be able to afford a home in the city — there are few among us without a strong opinion. That was the case long before […]
Canadian home prices rose at a brisk pace in March, led by the capital region of Ottawa-Gatineau, data showed on Monday, even as measures taken to contain the coronavirus outbreak pummelled economic activity. The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, showed prices were up 0.6 per […]
National sales and new listings were stifled in March, as home buyers and sellers across the country remained on the sidelines in the second half of the month in reaction to healthcare and economic measures to combat COVID-19. Although sales crept up 7.8 per cent year-over-year (y-o-y), there was a stark decline in sales compared […]
Rocky months lie ahead for Canada’s commercial real estate market, but the sector will likely experience a remarkable revival once the COVID-19 crisis passes, Morguard Director of Research Keith Reading predicted. “Confidence that the virus is under some degree of control, ideally a vaccine, but minimally a treatment or processes that minimize exposure … will […]
Despite the ravages of the pandemic, Canadian housing prices will prove remarkably robust, according to Royal LePage. In its recent analysis, Royal LePage projected that the widespread economic weakness brought about by COVID-19 will pull down Canada’s average housing price by just 3% this year, should the slowdown last until late summer. This will put […]
Real estate market activity in Toronto is off by 60-65 per cent, according to realtor Barry Cohen, of Barry Cohen Homes. But that doesn’t mean things have fallen off a cliff. Most buyers and sellers have pulled back to wait it out, but others cannot or will not. And those people are looking for creative […]
As ridership continues to drastically decline on both regional and local transit — 90% on GO transit and 80% on the TTC — while people work from home or self-isolate during the pandemic, it’s safe to say the public is moving around differently as the COVID-19 outbreak powers on. To get a better understanding of […]
Is the Canadian real estate industry too big to fail? Maybe. It just depends on how you define failure. While RBC has said that homes sales in Canada could drop as much as 30% this year, they’ve also said they believe there is a “low risk” of a full market collapse. Similarly, RE/MAX has also […]
Royal LePage is predicting that Toronto area home prices could still rise this year, despite the COVID-19 crisis. In its first-quarter report, released Tuesday, the brokerage says that if the pandemic recedes by the end of second quarter, prices could jump up 1.5 per cent year-over-year, to $856,263 by the end of 2020. However, if […]
With open houses now prohibited in many regions amid the COVID-19 pandemic, real estate agents are looking for ways to showcase their properties without putting their clients and potential buyers at risk. Enter the video walkthrough, a feature typically reserved for the sale of luxury homes with generous marketing budgets. But we’re here to tell […]
On any regular day, jumping through the hoops of closing a real estate transaction can be a handful — there’s paperwork to sign, lawyers to meet with, and mortgage appraisals to be had. Like many other aspects of the Canadian real estate industry, and our daily lives, COVID-19 has thrown the typical process of closing […]
Maziar Moini, Broker of Record - Home Leader Realty Inc.
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