Message From Duncan Fremlin

duncan_PSNews-adFriends:  Despite the fact that the Provincial Government deemed real estate an essential service, for the vast majority of us, trading in real estate is not on our “essential” list anytime soon.  However, there are some who do not have a choice. There are families that either have to buy (perhaps their house is sold and they need a place to live) or they have to sell for a variety of urgent personal reasons.

On one day last week in downtown Toronto, there were 38 new listings (houses) and 8 sales, 7 of which sold over asking.  A day later there were 48 new listings and only 3 sales, 2 of which were for over asking.  One month ago, the number of sales each day would have been much higher.  I expect this trend (more listings and fewer sales) to continue for the foreseeable future.  Some see this as a good opportunity to invest.  We don’t know enough at this point to comment but we can tell you that in the recession of 1990, our industry came to a halt.
For the first time in decades in Toronto, selling a house in a good neighbourhood within a reasonable period of time is not a given.  The risk factor is high.  With so much uncertainty in the world, the bank appraisals may not match what the buyer paid.A couple of weeks ago the Broker/Owner of RE/MAX Hallmark (our boss) cancelled all company open houses.  We also received directives from our provincial association outlining how and when properties can be shown to qualified buyers.  Last week, the average number of company-wide showings were down by 50%. This is indeed not business as usual.
We wish you and your family good health in the months to come.
 
Best regards,
 
Duncan and Karen
Duncan Fremlin
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