All open houses in Toronto have been prohibited by OREA (The Ontario Real Estate Association). I am extremely relieved that this measure has come into affect to protect the health and safety of my clients and my fellow realtors.
We are extremely exposed in this line of work. Each brokerage had been left to decipher what their stance on the matter would be. This was a bit of a challenge in discussing the matter with some clients and members of the public who were not quite understanding the severity of the situation we are all currently faced with. So I am happy we have a clear instruction on the matter from our governing body.
Surprisingly the market in Toronto West and Etobicoke has remained quite strong since the COVID-19 situation escalated at such a rapid pace. Homes were still going into competition and sold at full market value. Quite a few properties sold with pre-emptive offers. I am very thankful for the government’s efforts in this situation so far. News of the measures below have given some comfort to landlords, tenants, investors, buyers and sellers. Here are some of the great measures which have been put in place:
- Toronto Mayor John Tory has announced a 60-day grace period for City of Toronto residents and businesses on city-related payments due to the novel coronavirus pandemic.The deferral is retroactive to March 16 and would cover property taxes, water and solid waste utility bill payments for all residents and businesses
- Canada’s big six banks will allow mortgage payment deferrals for up to six months as part of extraordinary measures to help customers struggling with the financial impacts of the novel coronavirus pandemic.
- The Ontario government says it is suspending all new eviction notices in light of the novel coronavirus outbreak that has infected hundreds across the country.A statement sent out Monday evening from the Ministry of the Attorney General said, “Tribunals Ontario is reviewing pending eviction matters in light of the rapidly evolving circumstances related to COVID-19 and no new eviction orders will be issued until further notice.” Global News
- The federal government announced $27 billion in financial aid to Canadians on Wednesday, with Finance Minister Bill Morneau vowing to do “whatever is takes” to assure the financial health of the nation. City News. Learn more about the financial aid here.
Stocks have plummeted, many industries are at an absolute standstill and everyone is waiting for the massive crash in the housing market but the measures above look like they have initially helped to prevent a sudden and major crash. However these are truly extenuating circumstances. Things are changing by the hour and we need to accept that there are still massive changes to come.
We are seeing a decrease in the amount of listings coming out day by day. Usually the spring market would be getting into full swing by now. I would not be encouraging my clients to list their homes for sale at the moment unless they have no option. I will not be encouraging my buyer clients to go to see properties, unless they are in a situation where they are in need of a home very quickly.
Health and safety of the people in our city and community are the most important things right now. That means observing social distancing and self isolating if you have any symptoms. The more everyone follows the rules, the faster we can heal the population and the economy. This will be a rough year but we will make it through. We will have learned some very valuable lessons along the way.
Hug your loved ones. Make the most of the time together and I’m hoping you stay safe and healthy AT HOME!
IMPORTANT NOTE: If you need any help during this time with groceries or errands, please feel free to reach out. I’m here and I’ve got your back! Nobody should feel like they are alone during this stressful time. My cell number is 416.879.9726.
I would also just like to take this moment to express my deep gratitude to all of the amazing people in Ontario who have their sleeves up and are doing the work of heroes during this crazy time. Nurses, doctors, delivery people, grocery store workers, border control and all of the people working to keep our supply chain going. We see you and we are so lucky and grateful for your service. #NOTALLHEROESWEARCAPES