- Statistics overall is moving in the right direction
- Appointments, listings, sales, back to pre-pandemic levels
- Increase in exclusive listings which could mean that people are getting ready to put their property on the market
- Missing the spike in stats that would normally happen in March, but it appears that “summer is our new spring”
- Our office listings are at the same level this period as last year
- TREB inventory levels are down 53% from this period last year
- Our sales are 15% off from the same time last year
- TREB Sales from May 2019 compared with May 2020 are down 54%
- Our office is trending above the market in terms of sales
- Altus has 498 projects that have been delayed by pandemic – will impact shortage of supply
- Federal Government was planning on letting in 341,000 new immigrants
- RBC predicts that number will fall to 170,000
- Financial Post article - Chinese do not feel that USA and Canada handled the pandemic crisis properly
- Tridel had over 70% of the people putting down deposits on new developments coming from Asia
- USA expanded their ban on green cards
- Canadian brain drain could be reduced due to the USA immigration restrictions
- CRA – looking at new ways to recover money the government spent, may increase audits in the real estate sector, capital gains (cottages, investment properties, secondary homes)
- Pre pandemic, Toronto was the fastest growing city in North America.
- We overtook Dallas Fort Worth which was number 1 last year
- 3 times more growth from immigrants relative to New York
- We gained as much population as New York lost
- Click here for the Ryerson report
- 4 out of 10 home buyers are open to purchasing a home virtually
- 1/3 would not purchase a home virtually
- Home buyers’ expectations have changes
- 28% of buyers want larger home
- 25% of buyers want more outdoor space
- 8% of buyers want a smaller home
- 5% of buyers more practical location
- Click here for the OREA study
- The worst is now behind us.
- Things are starting to turn around with the economy opening
- Employment starting to pick up
- He predicts that by 2021 unemployment rate will return to 7%
- He also predicts that there will be a price correction of 5-10%, different based on geographical location
- Most essential services are doing well, home and car sales are on the rise
- Business to business sector is holding up well
- Business to consumer sector is the hardest hit
- Amount of money people are receiving from the government is more than the amount of lost income
- 15% of mortgages are still deferred
- Most credit borrowers have good credit and we should not see a wave of defaults
- Immigration, could lose 500,000 people due to the pandemic, impact felt in international student market
- Most likely will not lose talented workers to the US brain drain
- Hong Kong factor: 300,000+ expats living in Hong Kong, they will move their money and then return