Bosley Real Estate Market Insight - July 17th, 2020 - Bosley Real Estate Ltd. Brokerage - Homes and houses for sale in Toronto including Cabbagetown, The Annex, Danforth Village, Lawrence Park and Riverdale

The Ontario Real Estate Association (OREA) recently retained Nanos Research to do a survey among Ontarians actively in the real estate market. The takeaway was that despite economic uncertainty due to the pandemic, homeownership is seen as a good investment. Here are some of the results:

• Six in ten Ontarians active in the real estate market consider buying a home a very good investment even in the current environment.

• Four in ten who are active in the housing market say they would be open to buying a house if they could only view it virtually. • Eight in ten say it would be important to use a Realtor to help with the purchase of their home, and this is consistent across all age groups.

• Six in ten Ontarians who own a home and plan to sell in the next two years are not sure when they will list their home (61%), while 28% say they will list as soon as the pandemic is over, and 11% say they will list in the next few months.

• A majority of Ontarians say being in isolation at home has not changed their view of what they want in their next home (74%), while 26% say it has changed what they want in their next home.

• Nine in ten who own a home and are active in the real estate market report they have not refinanced their home or used a home equity line of credit to cope financially during Covid.

• Residents of the City of Toronto are most likely to report they plan to buy a home in the next two years (59%), and younger Ontarians (18 to 34) are more likely to report they plan to buy (59%), than those 55 plus (23%). Renters are significantly more likely to report they plan to buy in the next two years (87%) than homeowners (27%).

• Four in ten Ontarians who own their home have taken advantage of the pandemic to renovate, repair or upgrade their home. Asked for the approximate value of the renovations and repairs, $18,960.

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:

Canadian Real Estate Prices Grew Over 29x The Rate of US Home Prices

”Canadians know real estate prices have grown very quickly, but most likely have no idea how fast. US Federal Reserve data shows when US home prices took a dive during the Great Recession, Canadian prices didn’t. Instead, Canada has flooded the market with a number of policies designed to increase the amount of debt households can carry. Consequently, Canadian home prices have seen prices grow not twice, or even ten times as fast as US home prices. They’ve grown a whopping 29x faster.

Average 1-Bedroom Rent in Toronto Has Dropped Over $250 Since January

“While things are finally starting to return to normal, with most of Ontario preparing to enter into Stage 3 of reopening the province’s economy on Friday, a new national rent report has revealed that the COVID-19 pandemic still continues to put downward pressure on the rental market nationally.”

Posthaste: Canada's largest property market has a housing shortage. Is it time to expand the 'yellow belt'?

“Despite some pressure on their finances, fewer Canadians in the country’s largest real estate market are currently looking to list their homes on the market than before, according to a survey by the Toronto Regional Real Estate Board, and that could lead to higher prices despite the country’s anaemic economic growth.”

Toronto Regional Real Estate Board Provides Input on Government Economic Recovery Initiatives, Recommends Caution With Real Estate Market Stimulus

“The Toronto Regional Real Estate Board (TRREB) has submitted formal input to all levels of government on options for economic recovery initiatives. While TRREB has set out a list of specific policy options, its key message is to use caution in implementing demand-side real estate market stimulus.”

Home sales and prices surging to pre-COVID-19 levels in June 2020: BC Real Estate Association

“Home sales and prices in British Columbia are rising in the face of the ongoing pandemic. It’s affirming what RBC Economics observed that the housing market in the country is proving to be more resilient than expected.”