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June 1, 2020
April was a disaster month for Don Mills and most of the GTA in terms of the number of new listings and the number of sales. They both were down by close to 70%.
On the positive side, in the last three weeks, activity has started picking up. More buyers are out looking at properties and more offers are being made. Some offers may be far from the asking price but at least they are being made. In some cases, where the houses are priced low intentionally in order to create a bidding war, bidding wars are usually taking place, but the prices being obtained are not going crazy.
As of today May 25th, in Don Mills (District C13), there are 84 homes available for sale: 30 condos, 3 townhouses, 6 semis and 45 detached. From April 25th to May 25th only 13 condo apartments, 0 freehold townhouses, 2 condo townhouses and 5 detached homes have sold. The good news is that even homes in Don Mills asking over $3,500,000 are experiencing more activity.
Masks yes, masks no. Very interesting. I’m totally convinced that masks were a no because there were not enough masks available at the start of the virus. Masks are now a yes because masks are way more available and also because most countries that did very well immediately insisted that masks be worn as often as possible and in as many places as possible.
To open the American border or not to open the American border? No brainer. Let’s not give in to pressure from the south. Let’s protect Canada and Canadians. Let’s do what is best for the Canadians. Keeping it open only for the essentials is important and understandable. Nothing more. It took long enough to close the border to begin with. With the way America is being so irresponsible about the spread of the virus, it would be very unhealthy and dangerous to open up the border.
We are all in favour of life getting back to as normal as possible soon. Governments around the world are opening up businesses mostly because they are under big pressure from politicians and mega corporations and the powers that be to do that. It is true that if the economy tanks and goes into depression many lives will be lost. It is also true that if the virus becomes worse, if there’s a second wave, many lives will also be lost. Either way, it is mostly the very poor, the low income people, people living in very crowded places and people that have limited access to medical help that will suffer and die way more than the rich and super rich and those not living in crowded places. Thus it is easy for the rich and super rich to convince us that it is worth losing some lives for the economy and for the greater good.
As for the spread of the virus and loss of lives, just as some provinces in Canada are doing much better than others, some countries are also doing much better than other countries. I wish the media would talk MORE about those provinces and countries and about how and why they’re doing better, rather than focus so much on the negatives. It is vital to keep the citizens informed but the constant barrage of mostly negative news in every channel is having a very negative impact on young and old alike and adding to the mental pandemic caused by the lockdown.
The good news is that there is a lot of pent-up demand to buy and sell for various reasons. That is why in the last three weeks or so, with some good news about the virus and the government feeling confident enough to open up some businesses, activity immediately improved and offers started coming in. Some people believe that, as things start getting better, many buyers on the fence will jump to buy and thereby the prices will increase, so why not buy now before that happens. Good for sellers to take advantage of that situation, just in case the window is small to do it, because there are also some that are convinced that the real estate market is going to tumble big-time from fall onwards regardless of the virus, because a lot of damage has already been done to the economy in terms of job losses, businesses that will never open again, etc.
I personally believe that if governments around the world behave and watch the virus very carefully and step back immediately from opening up businesses, if and when negative virus signs start appearing, then the virus will gradually disappear by itself well before the vaccines are made, as most viruses have in the past.
As always, please feel free to call me for a confidential and no-obligation chat should you need any information about the real estate market in the Banbury, Don Mills and Underhill neighbourhood.
My very sincere thanks to all the people that are directly and indirectly involved in making our lives healthy, safe and comfortable: doctors, nurses, everyone that works in hospitals and medical clinics, post office workers, the police force, firefighters, transportation people, garbage collectors, people that ensure that the water is running, lights are on, heating and air-conditioning is available, volunteers, delivery people, people that work at grocery stores and other essential places, etc. etc. etc.
I love you all.
Take care and stay safe.
Broker of Record / Owner
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Article from the May’s issue of our newsletter “Eckonomics”