Market Analysis

April 2020



April 2020... 

 

Report On Downtown Toronto Condo Prices

Curious about what your downtown Toronto condo may be worth?

Here’s an easy, online way to find out what suites like yours are selling for in today’s market.

Get this free report with up-to-the-minute statistics based on all the recent listings and sales of condos in your building.

Get Your Free April 2020 Condo Valuation Here


#StayHome: How to Create Functional Spaces in Your Home During the Coronavirus Outbreak

Since the outbreak of the novel coronavirus (COVID-19), many of us are spending a lot more time at home. We’re all being called upon to avoid public spaces and practice social distancing to help slow the spread of this infectious disease. While it can be understandably challenging, there are ways you can modify your home and your lifestyle to make the best of this difficult situation.
 
Here are a few tips for creating comfortable and functional spaces within your home for work, school, and fitness. We also share some of our favorite ways to stay connected as a community, because we’re all in this together … and no one should face these trying times alone.

Read more here


From Our Mortgage University Series...

 

Avoid Anxiety When Applying For A FULL Mortgage Pre-Approval

A pre-approval VS a full mortgage pre-approval… they sound the same but they’re very different.
 
Every realtor has had a client who thinks they have been pre-approved only to find out they cannot qualify for the homes they have been looking at. 

Often this does not become clear until the buyer has wasted way too much of their time looking at properties they have no chance of qualifying for.
 
And often clients get a pre-approval certificate from a bank that has a long list of conditions attached. 

Click Here To Read More


April 2020...

Report On Toronto House Values

Semi and detached house prices have been bouncing around the last few months in Toronto with the changes in the market.

Some neighbourhoods are being affected greatly... others not so much.

Would you like to be brought up-to-date with what your Toronto house is worth right now?

Get Your Free April 2020 House Valuation Here


From Our Seller University Series...

 

Choosing The Right Professional Agent Is Not Easy

The Toronto Real Estate Board now has well over 56,000 licensed Realtors registered to work in the GTA area.
 
Of those, 78% sell less than 6 homes per year and almost 50% don’t even sell 3 homes annually.  Many of those agents are working at a full-time job for their income and try to do their real estate business on the side, part-time.
 
There are however a solid core of professional, full-time Realtors who do the majority of the sales in the Toronto MLS.  And there’s an even smaller group of agents who work with a ‘By Referral Only’ philosophy.

Click Here To Read More
 


Toronto's Real Estate Team
Toronto Real Estate Market Analysis
For March 2020

I had just started in my real estate career a few months before the May 1981 mortgage crisis when mortgage interest rates jumped to 18%+ almost overnight (ultimately hitting 22%) and the Toronto real estate market came to a dead stop.

The see-saw month we just had in March was almost like that… it came in like a lion but went out like the proverbial lamb with the onset of Covid-19 restrictions on open houses and property showings and social distancing became the norm.

For the last two weeks of the month, agents have been told to NOT have open houses to avoid crowds gathering and showings have often been limited by seller request or by buyer reluctance to go into someone else’s home with the danger of community spread of the virus.

Quite a few downtown condo buildings have prohibited suite showings entirely and there are more buildings joining that list almost daily.

Some Realtors with listings have used creativity to create more comprehensive ‘virtual tours’ with expanded 360-degree video experiences to offer buyers a better feel for the interiors of a condo suite or house.  The intention is to reduce the necessity of as many physical showings to only those buyers who feel the particular condo or house will fit their personal needs.  

Some buyers are choosing to put in their offer ‘conditional upon a personal inspection’.  This gets them into the negotiation phase faster but still gives them the opportunity to view the home in person before firming up their purchase.

Mortgage rates have been bouncing around as well in the last two weeks with lenders becoming more selective in who they approve (higher credit score needed) and sometimes even requiring a ‘phone check’ on the day of closing to confirm the buyer still has a job.

We’ve been seeing some investment condo owner clients not able to collect their full (or even partial) rent on April 1st and other property owners who’ve lost their jobs and become unable to keep their homes.  If either of these events has happened to you, and you need some advice and counsel as to future options, I can offer some help.

The first thing you’ll need to know is what are your options and their respective costs (and benefits) to you.  The second is to find out what your condominium or house is worth in today’s topsy-turvy world.

To arrange for an up-to-date condo suite valuation, go to DowntownTorontoCondoValues.com - please BE SURE to leave me your condo’s monthly maintenance fee so I can send out your report.  

For a specific house valuation, click on DowntownTorontoHouseValues.com.

To keep current on market activity changes and analysis during the month, go to Facebook and ‘Like’ my Thomas Cook In Toronto page.

Watch the video or read my March 2020 Market Report Analysis and please keep me in mind when any of your friends are talking about buying or selling real estate in Toronto. 

Thomas
647-962-1650
Thomas@LivingInToronto.com



 

Coronavirus Alarm Causes Massive Market Anxiety [VIDEO]

In March sales were up 12% compared to last year with 8,012 houses and condominiums changing hands in all the districts.
 
Condo townhouse and high-rise suite sales were up by 6% with a 33% share of the market and 2,667 units being sold.
 
The March average sale price for all GTA homes came in at $902,680, up 14.5% from one year ago.
 
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The inventory average for the month of March compared to historical numbers was lower by a huge 31.5% compared to last year at this time.
 
This inventory imbalance is causing price increase in many, but not all, GTA districts.
 
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in.  24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
 
In March that ratio finished at 75% - about 30% above last year and a continuation of what we saw in February 2020.  This would be an indication of a continuing strong, steady market as we hit the middle of the spring market EXCEPT for the massive ‘community separation’ shock that hit us mid-month.
 
The days-on-market average for GTA / Toronto homes was 13 days, 10 days faster than February.
 
Watch the video to get the complete March 2020 Market Report details.

If you'd prefer to read the full market report details, click here.


For Those Of You Who Like Trivia...

Now and then we post our latest World’s Most Interesting Postcard in our Team newsletter.  You might be amazed at what you’ll learn from these interesting tidbits!!


Click to see larger image


 

Keep Your Ears Open For Real Estate Conversations...

People always feel good about recommending a person or a business where they've received terrific service. They want their friends to enjoy the same great experience they had. 

Please keep us in mind in the new year whenever you hear friends talk about real estate at any time... we're always here to advise, consult and help.

Thomas


 

Amazing Free Services Available From This Professional Realtor

As a successful Toronto Realtor helping condo and house buyers and sellers since 1980, I've developed many programs and services to assist people with their real estate needs.

I've even written several soft-cover books and reports to help explain how buyers and sellers can make their best, informed decisions.

There are important benefits and advantages to being well prepared for the upcoming real estate experience.

You definitely want to avoid making significant buying or selling mistakes.

Here's a list of my 'Free Stuff' that's available to you.

 



Toronto's Real Estate Team - Thomas Cook @ RE/MAX
Expect Amazing

Real Estate Sales Representative @ RE/MAX Hallmark Realty Ltd Brokerage
785 Queen Street East in Leslieville


Thomas@LivingInToronto.com
Direct => 647-962-1650

Become a smart, educated Toronto buyer or seller.  Go ahead and download any of these books or reports at no charge.

Author || Ultimate Home Buyer’s Guide
Author || Home Buyer's Financing Guide
Author || Insider Tips For Getting The Best Price (For Toronto condo sellers)
Author || Get Free Money From The Federal Government (For 1st-time buyers)
Author || Best Capital Gains Tax Advice For Smart Investors
Author || Guide To Attracting The Best Tenants
Author || Guide To Downtown Toronto Condo Prices (for Toronto condo buyers)
Author || 
Insider Advice For Getting The Best Price (For Toronto house sellers)

Awards || RE/MAX's 2nd highest award - Circle Of Legends
Experience || Thousands of homes sold since 1980
Professional Designations || ABR, SRES
Charity Support || Over $117,500 contributed to the Toronto Sick Kids Hospital