Market Notes: Covid-19 is changing downtown Toronto real estate

This week, the Ontario Real Estate Association and Real Estate Council of Ontario directed all realtors to not perform face-to-face showings or perform public open houses. This directive came out shortly after the provincial government’s shutdown of non-essential services. Although like many other services, realtors were included in the ‘essential services’ list.

What this means is that there is a grey area realtors are operating in, as ultimately we are at the behest of our clients. A point that has been made clear to all realtors from our regulatory boards is that the designation as an ‘essential service’ does not mean business as usual. For example, listings should only be viewed via a virtual tour and all signings performed digitally. Open houses could be performed, but waivers regarding liability should be signed.   

Now, what is actually happening on the ground?

The majority of listings on the market are allowing viewings. Some of these listings are vacant and/or the owners have moved out temporarily. In some cases for occupied properties, realtors are following protocol with homes only available to be viewed online and not in-person. For many, this has paused the market as buyers and sellers simply do not want to be in a stranger’s home. For some, this is an opportunity as some properties are being listed for sale at prices only 3 weeks ago would have been a deal.

The properties that are still getting top dollar are predominately renovated and move-in ready, and/or turn-key investment properties in premium neighbourhoods like Roncesvalles, Riverdale, and Leslieville. Interestingly, I have seen about 50% more new listings in the East end this week, than in the West End. I attribute this in part to the East end having more housing stock and many young families, where buying and selling a property can be more emotive and personal than purely economic. 

Right now, there are opportunities for buyers or investors who are insulated from the fallout of the virus and view this as an opportunity.

Take care.

-Nick Horton