Stellar Real Estate Weekly Newletter

Weekly Newsletter

The first two weeks were so strong that if you lived in a cave and just came out to look at the sales numbers for the month as a whole, you wouldn't have thought anything was amiss. While YOY sales in the GTA were up by 12.3% and new listings up 3%, the 2nd half of the month actually saw listings fall 18.4% YOY.

While prices soared another 14.5% this time last year (March 2019), the post-COVID-19 action resulted in a cooling of prices this year with only a 10.5% increase. The proof is in the pudding: COVID-19 has demonstrated a quick cooling effect on the Toronto real estate market.

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Should you renovate or shop for your dream kitchen? It's important to be aware of the size and timeline of your project. The perfect kitchen may just be on the market!

What does the news of Covid-19 mean for first time home buyers in 2020. Is it still a good time to buy? Have lenders changed their criteria? Contact me with an questions and to dsiscuss further.

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#StayHome

In an effort to help our front line workers we ask that we continue to #stayhome. Follow me on instagram for market updates as well as video tours of units that are fresh on the market.

What now?

Not much has changed since our February Newsletter. Continue to take precaution and wash your hands as much as possible. Check on your neighbours and see if there is anyway that you can step in to help.

Most importantly stay connected to your loved ones.

Can I still ask my tenant for rent?

Yes. If tenants can afford to pay their rent, they should be paying it. However, if they can't pay, you can't evict them. If you anticipate there might be an issue, get ahead of the situation before it becomes a problem. Don’t wait for them to come to you: reach out and ask them how they're doing, if they’re impacted by health/employment/childcare issues. Most of all, be human – we’re all in the same boat here.

However, when it comes to rent, it doesn’t have to be all or nothing. If they can't afford the full amount, see if they can pay half. After all, half goes further than nothing when it comes to paying your mortgage. Also, we don't know if the government will require that unpaid rent be covered after the pandemic is over, or whether it will be forgiven. So getting at least some money now could make a big difference. Paying a portion can also make your tenants feel like they’re contributing, even though they can't swing the full amount right now.

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