Lack of product is creating big bidding wars on high demand properties. There has been talk that the market has quieted down but it looks like that is only because supply is low. We have seen a number of properties sell for premium prices recently indicating that the fall could be very busy. Buyers have rested a bit and are ready to go. The market will shift again as many go back to work. Where one lives may be dictated by company policy on going back to the office. It looks like traffic may be heavy in the city if people have to go back and are less apt to take public transportation due to Covid. The pandemic has truly changed the world.

Rental market in the city is heating up. It’s back to bidding wars for city condos as people start heading back to in person work. The young employees who were working remotely and moved home now need a place to live in the city as employers are calling them back. The subway is not the best option as some companies actually do not want their employees going on the subway due to Covid risks. I can’t imagine the traffic if everyone starts driving downtown. We haven’t even started with a lift on immigration which would also bring an influx into the city.

Long lasting results from pandemic – will things ever return to “normal”? It was with great sadness that two businesses who I had a very close connection with recently decided to close their doors. Kingsway Conservatory where my son took music and cello for 12 years and which was a neighbourhood institution closed its doors and sold the building. Pandemic has changed demand and how music is being taught. The owner did not think it would return any time soon. Such a shame as it enriched my kids lives. The other business was Breathe yoga which was also a neighbourhood institution and helped so many in so many ways. My heart goes out to two great women who put their heart and souls into these businesses. Perhaps they will recreate in another place and another time. Good luck and all the best to all others with similar stories!

We are in a lull for listings. It was a crazy spring. Many homes and condos were sold. We saw some big bidding wars for homes and some very high prices. The number of bids on properties seems to have gone down but the prices have really not. We are seeing some strong numbers come in on both houses and condos. As soon as we see more product (and we may just see more listings as pandemic settles), we anticipate a strong market to continue. Summer may be quite busy.

How will reopening of Ontario affect the real estate market. We are wondering if anything will change when people start socializing and going out. Looking at real estate was something to do during the pandemic and it turned into a buying frenzy. I am wondering if people will be distracted with other things and the market will quiet down. That is really hard to say. I think whatever happens it will take time. Change won’t be immediate. Hence we anticipate the summer and fall to be busy. And then we will see.

Many buyers are fed up with blind bidding but no one forces anyone to bid high or low. The house will sell for whatever the market will bear ie whatever the buyer wants to pay. Its stressful for buyers but its also stressful for sellers who often need the money to purchase something else. Or they have already purchased something else for a high number. As agents representing sellers we are under contract to get the most we can for them. We have to follow the rules but situations are not always clear cut. There is more to the sale than just the number. There is closing date, conditions and sometimes a feeling of comfort with the buyer. Most agents we deal with are ethical. Its stressful for listing agents as well. It’s definitely not an easy market for anyone these days. Having a good agent working for you is important.

Will the new stress test cool the crazy real estate market or will it keep going. Buyers may scramble to buy with the deadline for the new stress test looming. Buyers will now have to qualify with a higher interest rate. Or maybe it won’t cool things at all. Homes appear to be the most important thing to spend money on so buyers may continue to spend. The streets in the city appear to be eerily quiet. It’s March/April break and no one is going anywhere. Everyone is home. It’s tough out there.