TORONTO, Oct. 16, 2020 (GLOBE NEWSWIRE) — The Toronto Regional Real Estate Board (TRREB) supports the provincial government ban on in-person real estate open houses for a second time in the Greater Toronto Area COVID-19 hot spots. TRREB wrote a letter to Government and Consumer Services Minister, Lisa Thompson, supporting a similar call by the Ontario Real Estate Association for a ban.
TRREB will take action to again suppress in-person open houses that appear on our public facing websites TRREB.ca, Collaborate and REALTOR.ca, now that the province has prohibited public in-person open houses for the second time during this pandemic.
During the early days of the pandemic, and as recently as last week, TRREB issued a strong recommendation to our 56,000 REALTOR® Members to stop conducting in-person open houses to protect the health and safety of real estate consumers, Members and our communities.
TRREB is committed to the protection of the health and safety of our Members and the general public, and has encouraged Members to continue to offer best practices due to the uncertainty we’re faced with in dealing with COVID-19. In-person open houses are typically used by some home sellers and their REALTORS® to market properties for sale to home buyers.
“With cases in Ontario on the rise again, we must continue to limit face-to-face interactions as much as possible and use virtual tools to the greatest extent possible. While in-person open houses are prohibited, showings to pre-qualified clients are necessary in order to facilitate and complete transactions, and Members must ensure they follow health and safety best practices when doing so,” said TRREB President Lisa Patel.
“We’re again at a critical phase with a second wave of this pandemic, and we all have to do our part to be successful in confronting this challenge in order to protect the health and safety of REALTORS®, their clients and the general public,” added Patel.
In July, TRREB released a Best Practices Open House Guidance document, which you can access here where TRREB had been advising a maximum of one family at a time in any region. This handy document continues to offer valuable information which is also applicable to showings with pre-qualified clients which we know are necessary to facilitate and complete transactions.
“We encourage Members to continue with the use of alternative marketing strategies such as video and virtual tours wherever possible, including the live stream open house function we’ve provided, and to continue to follow directives and guidance being given by the government and public health agencies,” said TRREB CEO John DiMichele.
TRREB continues to monitor developments and will provide additional guidance as appropriate and as the situation develops.
Media Inquiries:Mary Gallagher, Senior Manager, Public Affairs email@example.com 416-443-8158
The Toronto Regional Real Estate Board is Canada’s largest real estate board with more than 56,000 residential and commercial professionals connecting people, property and communities.
Why the London, ON Real Estate Market Continues to Thrive – RE/MAX News
London was considered by many to be Ontario’s best-kept secret. It was a city with everything you would want: affordable housing, jobs and even lauded as the brain capital of province. With more people desiring to escape the big city and find refuge in an urban locale with a small-town charm, London’s popularity is skyrocketing. This is great news for the London real estate market.
Recent data point to an incredible recovery in the housing industry in the wake of the COVID-19 public health crisis. With tight supply and growing demand, the Canadian real estate market is enjoying record-setting numbers in every possible category. All the early forecasts suggest that London can sustain this trend to finish the year and head into 2021.
Although the coronavirus pandemic continues to threaten the broader national recovery, accommodative monetary policy and pent-up demand are driving the country’s real estate industry. So, what is going on in London, Ontario?
Why the London, ON Real Estate Market Continues to Thrive
London is witnessing some strong Fall market activity as the city basks in the afterglow of the best performance for the month of August in more than 40 years, followed by a record-breaking September. According to the London and St Thomas Association of REALTORS® (LSTAR), 960 homes were sold in September, the best September since 1978! Local headlines also spotlighted that the average home sales price reached $521,883, up a whopping 98 per cent compared to the same time five years ago.
Industry observers also point out that homes are being exchanged at a faster pace. In London, the median number of days that a home sat on the market fell from 12.5 in July 2020 to just 10 days in August and a mere eight days in September.
Demand is gaining steam, with interest booming in the market for condominiums, single-detached homes and everything in between. This has sparked interested prospects to submit bids over the asking price, and this could continue to be the norm if demand remains strong and inventories remain low.
“The strong momentum experienced during the summer months continued through September,” said 2020 LSTAR President Blair Campbell. “Similar to many other housing markets across Canada, many are still playing catch up from the COVID-19 lockdown we had during the spring.”
Campbell noted that “Each of the five major areas in LSTAR’s jurisdiction posted gains, led by Middlesex with average sales price of $575,785. Again, it’s important to note this figure encompasses all housing types, from a two-storey single-detached home to a high-rise apartment condominium.”
Campbell said in a recent interview with CTV News, that nobody is really surprised by the developments. Instead, real estate agents and the broader market are surprised by how quickly it occurred. But what is driving this surge in London real estate?
What is Driving London’s Real Estate Market?
After experiencing a brief “pandemic pause” at the height of the coronavirus outbreak in March, the wait-and-see approach was abandoned, and now the pent-up demand is stimulating London’s housing market. Like other cities across Canada, buyers and sellers have returned from the sidelines to take advantage of current conditions and trends.
Since Queen’s Park reopened the province, buyer confidence has swelled, which has been reflected in the latest housing data. Of course, real estate agents are still diligently adhering to public health guidelines. This includes social distancing, wearing face masks, showcasing listing via virtual open houses and facilitating digital paperwork completely online by means of technology.
That said, the second wave is already prompting some local governments to reimpose COVID-19 restrictions, and industry experts say that people on both sides of real estate transactions are looking to get some deals done before any drastic measures transpire. Plus, as market observers understand, cool temperatures and the flu season can impact real estate. With so much uncertainly on the horizon, the market remains hot as buyers and sellers fight to “get in while they can.”
London, like other smaller towns across the province, is witnessing an influx of buyers from the Greater Toronto Area. Although London area home prices have gone up, they remain more affordable than what you can purchase within downtown Toronto, or even other municipalities within the Greater Toronto Area.
Homebuyers are ostensibly using the work-from-home trend to their advantage, no longer tied to live close to their workplace. Plus, with greater investment in public transit within cities province-wide, if professionals needed to travel into the nearest urban centre, there are a greater number of transportation options at their disposal.
Moreover, since more people are spending significantly more time at home amid social distancing measures and remote working environments, a lot of buyers are reconsidering their living space. For example, some seek to upsize to properties that have room for an office, a learning centre for kids, and other features that may not have been important even just a year ago.
As the list of priorities for homebuyers changes, real estate trends are shifting across the country and municipalities like London, Ontario are projected to continue this trend of strong housing demand, tight supply, and swelling real estate prices into 2021!
Canada real estate: TD Economics sees high home prices holding up in fourth quarter before dropping in 2021 – The Georgia Straight
Home buyers looking for a bit of a discount may want to wait a little.
A housing report by TD Economics predicts that high home prices will persist for the rest of 2021.
“Regarding prices, we think they’ll hold up at these record levels in the fourth quarter…,” economist Rishi Sondhi wrote.
Then things will start to ease in 2021.
Sondhi explained that tight supply is driving high home prices.
According to the TD Bank economist, the real-estate market is currently in seller’s territory.
The economist noted that the national sales-to-new listings ratio in September “registered a drum-tight reading” of 77.2 percent.
He noted that “markets were the tightest they’ve been in nearly 20 years in September”.
Sales-to-new listings ratio is the number of sales divided by listings.
A seller’s market means that the sales-to-listing ratio is 60 percent or more, or six sales out of 10 listings.
A balanced market features a ratio between 40 percent and 60 percent.
A buyer’s market happens when the ratio is less than 40 percent, which means fewer than four sales for 10 listings.
In a report on October 15, the Canadian Real Estate Association noted that the national average price of a home set a new record in September.
The average price topped the $600,000 mark for the first time at more than $604,000.
In his report on October 15, Sondhi predicted “some easing is anticipated” for prices after the fourth quarter of 2020.
This is consistent with Sondhi’s previous report on October 8.
The bank economist noted in that earlier report that “unlike sales, an immediate fourth quarter pullback is unlikely” for prices.
“In fact, another (modest) gain could be in the cards,” Sondhi wrote.
“After the fourth quarter,” Sondhi predicted on October 8, “Canadian prices will likely drop through the first half of 2021 by around 7%, before regaining some traction later next year.”
Brookfield weighs US$3B life-sciences real estate portfolio sale – BNN
Brookfield Asset Management Inc. is exploring a sale of its life-sciences real estate portfolio, and seeking about US$3 billion, according to people with knowledge of the matter.
The Toronto-based alternative asset manager is working with advisers to sell roughly 2.3 million square feet of life-sciences real estate it acquired as part of its 2018 purchase of Forest City Realty Trust Inc., said the people, who requested anonymity because the information isn’t public.
A Brookfield representative declined to comment.
Blackstone Group Inc. agreed last week to recapitalize a portfolio of BioMed Realty life-sciences buildings for US$14.6 billion, a deal that will generate US$6.5 billion of cumulative profits four years after investing in the properties.
Life sciences, which includes pharmaceutical, biotech and other medical research fields, is a sector where most staff can’t work remotely. That has stabilized the value of such properties.
Alexandria Real Estate Equities Inc., one of the largest real estate investment trusts that owns on life sciences properties, has fallen 2 per cent this year compared to a 14.6 per cent decline of the Bloomberg U.S. REITs Index.
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