April 2020 – Real Estate Newsletter Keeping You Informed

In March - 2020 Mississauga 897 Active listings 1,355 New listings 756 Sales Average Price was $860,158 Median Price was $764,500 Average days on market 11 Average % of list price 102%

In March - 2020 Brampton 790 Active listings 1,469 New listings 767 Sales Average Price was $807,019 Median Price was $780,000 Average days on market 8 Average % of list price 103%

TREB - MarketWatch February 2020

Link to Video Click Here

March 2020 video is not available

TREB's Jason Mercer – Sr. Manager, Market Analysis

Weekly Update On Market

Stats & Predictive Analytics To Keep You & Your Clients

Informed.

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BrokerBay - Costa Ntoukas

Lydia Pollard Sales Representative

RE/MAX Realty Specialists Inc.,

Brokerage

Direct: 905-272-4764 Office: 905-272-3434

www.LydiaPollard.com

Lydia@lydiaPollard.com

Major Banks Will Cut Interest

Rates on Credit Cards But There's A Catch

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Pat Foran CTV News Toronto

Canada's Housing

Markets To 'Slow to a Crawl' Amid COVID-19:

RBC

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BNN Bloomberg

March 2020 for all of Mississauga

#Sold # New Listings

#Active Listings

Average Price

Median Price

Avg.% ListPrice

Avg.Days on Market

Detached houses 248 537 477 $1,273,225 $1,087,500 100% 14

Semi-Detached houses 111 182 82 $840,726 $830,000 105% 6

Condo Apartments 225 384 232 $547,336 $537,000 103% 11

Link 3 4 3 $923,333 $950,000 102% 2

Condo Townhouse 150 213 89 $666,281 $670,500 104% 9

Attached/Row/Townhouse 19 34 14 $807,193 $780,000 109% 10

TORONTO REGIONAL REAL ESTATE BOARD RELEASES RESALE HOUSING MARKET STATISTICS TORONTO, ONTARIO, April 3, 2020 – Toronto Regional Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,012 home sales through TRREB’s MLS® System in March 2020 – up by 12.3 per cent compared to 7,132 sales reported in March 2019. However, despite a strong increase in sales for March 2020 as a whole, there was a clear break in market activity between the pre-COVID-19 and post-COVID-19 periods. For the purposes of this release, the start of the post-COVID-19 period was the week beginning Sunday, March 15. • The overall March sales result was clearly driven by the first two weeks of the month. There were 4,643 sales reported in the pre-COVID-19 period, accounting for 58 per cent of total transactions and representing a 49 per cent increase compared to the first 14 days of March 2019. • There were 3,369 sales reported during the post-COVID-period – down by 15.9 per cent compared to the same period in March 2019. “The overall sales result for March was strong relative to last year, but the impact of COVID-19 was certainly evident in the number of sales reported in the second half of March. Uncertainty surrounding the outbreak’s impact on the broader economy and the onset of the necessary social distancing measures resulted in the decline in sales since March 15. Sales figures for April will give us a better sense as to the trajectory of the market while all levels of government take the required action to contain the spread of COVID-19,” said Mr. Collins. “While

COVID-19 has clearly had an impact on the housing market, the late March numbers still suggest that there is activity in the marketplace. TRREB continues to strongly recommend stopping in-person open houses and has provided its Members with guidelines for social distancing. TRREB’s professional development staff are working hard to educate its Members via webinars on using technology in innovative ways to conduct business virtually,” said TRREB CEO John DiMichele. For March as a whole, new listings were up by three per cent year-over-year to 14,424. However, similar to sales, new listings dropped on a year-over-year basis during the second half of the month (beginning March 15) by 18.4 per cent. “Despite sales and listings trending lower in the second half of March, demand for ownership housing remained strong enough relative to listings to see the average selling price remain above last year’s levels, including during the last few days of the month. As we move through April, we will have a clearer view on how social distancing measures and broader economic conditions will influence sales and ultimately the pace of price growth,” said Jason Mercer, TRREB’s Chief Market Analyst. The MLS® Home Price Index Composite Benchmark price was up by 11.1 per cent year-over-year in March 2020. The average selling price for March 2020 as a whole was $902,680 – up 14.5 per cent compared to March 2019. The average selling price for sales reported between March 15 and March 31, was $862,563 – down from the first half of March 2020, but still up by 10.5 per cent compared to the same period last year. Page 1 of 3 Preliminary Market Outlook Guidance 2020 started with a near-record pace for home sales in the first quarter and double-digit annual rates of price growth. However, the COVID-19 outbreak has clearly changed this year’s outlook. TRREB will be releasing a forecast update in mid-April, once we have a longer time series of data since the onset of the strong social distancing measures, the concern over economic growth and the related employment picture. However, TRREB is providing some initial guidance as follows: • If we see a peak in COVID-19 infections in the spring followed by a loosening of social distancing measures starting in the mid-to-late summer, then we could see a strengthening in the demand for ownership housing throughout the fall and into the winter. News of employees returning to work from furlough coupled with the continuation of extremely low mortgage rates could fuel this recovery. • As noted in the March figures, demand for ownership housing remained strong enough relative to listings in the second half of March to see average selling prices remain above last year’s levels. As we move through the spring, it is possible that we may see a moderation in price growth if market conditions soften due to a combination of slower sales and an uptick in listings. However, a resumption of tighter market conditions and an improving pace of price growth will likely occur as the market recovers in the fall of 2020 and winter of 2021.

If you bought a house before the coronavirus crisis

hit, don't expect force majeure to save you Haider-Moranis Bulletin: For the thousands of people who made or received firm offers before the

coronavirus outbreak changed everything, the anxiety level is high

Haider-Moranis Bulletin More from Haider-Moranis Bulletin

Published on: March 28, 2020 | Last Updated: March 28, 2020 8:00 AM EDT

The COVID-19 pandemic has left many wondering whether their deals will close in the weeks or months to follow.Peter J. Thompson/National Post files Real estate transactions, even at the best of times, are complicated and stressful for buyers and sellers. For the thousands of people who made or received firm offers before the coronavirus outbreak changed everything — and who are now left wondering whether their deals will close in the weeks or months to follow — the anxiety level is even greater. Some have wondered whether a pandemic is considered force majeure (unforeseeable circumstances or “acts of God”), which could free them of their obligations in case housing prices were to plummet in the next few weeks. Others may be facing other liquidity issues. Data from the Canadian Real Estate Association (CREA) indicates that 65,494 homes were sold across Canada in the first two months of 2020, meaning that as many as 130,000 families may be in limbo, waiting for their transactions to close.

• Almost 33% of Canadian households rent their homes. Who is going to help them in the coronavirus crisis?

• Not even real estate is immune from the impact of the coronavirus • How the coronavirus might impact Canada’s housing market

Residential sales often involve a few weeks or months between when a firm offer is accepted, and the deal is “closed.” When a transaction is booked, buyers transfer a deposit that is held in escrow by the seller’s lawyers. At closing, buyers transfer the remaining amount to the sellers.

In uncertain times, much can change between a sale and its closing. When prices fall before closing, buyer’s remorse sets in, and purchasers may feel they have overpaid.

Even those who would like to follow through on the transaction may face challenges. Valuation metrics might change by the closing time such that declining prices could increase the loan-to-value (LTV) ratio, leading lenders to require that buyers put up additional funds.

In a highly unlikely scenario of severe liquidity constraints, financial markets might not extend credit, thus preventing sales from closing. If firm sales fail to close, even sellers will be at risk. Many buyers are simultaneously trying to sell their current residence;failure to sell may limit their ability to buy

Another concern is the trillions of dollars lost in investments since the onset of the pandemic. Some buyers had planned to cash in on investments to make their down payments. As portfolios bleed across the board, real estate transactions contingent healthy investment returns could be in jeopardy.

So what kind of recourse do buyers have in this situation? We consulted lawyers specializing in real estate transactions and contract law and the unanimous advice we received was that in at least Ontario, B.C. and Quebec, standard residential real estate transactions do not include force majeure provisions. Hence, in Ontario, buyers and sellers are bound by their obligations under the Ontario Real Estate Association’s (OREA) Agreement of Purchase and Sale.

Mark Weisleder, a partner with the law firm Real Estate Lawyers.ca LLP, told clients in a note that the “only way a deal cannot close is if the government registration system closes down or lenders cannot fund loans, which is not the case right now.”

Real estate businesses have been deemed an essential service in Ontario. Thus, real estate brokerages and law firms are allowed to function but with new guidelines to observe social distancing. At the same time, financial institutions are working and extending mortgage credit. While buyers’ remorse is real, it is no ground to back out of the deal, warned Weisleder. During and after the Great Recession in 2008-09 and when the foreign homebuyers’ tax was imposed first in British Columbia in 2016 and later in Ontario in 2017, many buyers tried to avoid closings after housing prices declined.

Courts, though, have found in favour of sellers in cases where buyers reneged on a signed deal. An Ontario couple who reneged on a firm offer to buy was ordered by the court to pay $470,000 to make up for the difference in the price they agreed to pay and the subsequent sale price paid by a different buyer. Rosa Lupo, a partner with the law firm Gowling WLG (Canada) LLP, advises that whereas force majeure is not covered in OREA’s Agreement of Purchase and Sale, parties can include additional clauses in Schedule A of the Agreement. However, such terms must be entered at the execution of the agreement and not after the fact. In some circumstances, parties may invoke frustration of contract when unforeseen circumstances make it impossible to perform their obligations under a contract. However, the bar to prove the frustration of contract is very high.

If a deal hits a snag, the best way forward is to work it out collegially, advises Andrea Sanche, partner at the law firm Ricketts Harris LLP. Instead of trying to nullify a contract, the parties could agree to a postponement until such time that the transaction can be completed. It is up to the parties to demonstrate that they have made reasonable, good faith efforts to fulfill their obligations. Given the current pandemic and recent uptick in flooding and severe weather, which can cause severe damage to homes, it might be time to review standard buyer & seller agreements, which are province-specific.

Much can transpire during a sale and its closing. Introducing new standard clauses to protect both sides while providing opportunities for insurers to price risk will offer greater stability in uncertain times.

Murtaza Haider is a professor of Real Estate Management at Ryerson University. Stephen Moranis is

a real estate industry veteran. They can be reached at www.hmbulletin.com.

Bill Gates: “The Corona Virus… is sent to remind us of the important lessons that we seem to have forgotten and it is up to us if we will learn them or not.”

Date: March 23, 2020Author: moorezart11 Comments - Source: The Sun But multi-billionaire Gates, 64 – who donated £85 million to combat the virus last month – believes that despite the chaos, there is ‘a spiritual purpose behind everything that happens’. In an open letter, entitled ‘What is the Corona/ Covid-19 Virus Really Teaching us?’, he wrote: ‘A SPIRITUAL PURPOSE’

“I’m a strong believer that there is a spiritual purpose behind everything that happens, whether that is what we perceive as being good or being bad. “As I meditate upon this, I want to share with you what I feel the Corona/ Covid-19 virus is really doing to us. 1) It is reminding us that we are all equal, regardless of our culture, religion, occupation, financial situation or how famous we are. This disease treats us all equally, perhaps we should too. If you don’t believe me, just ask Tom Hanks. 2) It is reminding us that we are all connected and something that affects one person has an effect on another. It is reminding us that the false borders that we have put up have little value as this virus does not need a passport. It is reminding us, by oppressing us for a short time, of those in this world whose whole life is spent in oppression. 3) It is reminding us of how precious our health is and how we have moved to neglect it through eating nutrient poor manufactured food and drinking water that is contaminated with chemicals upon chemicals. If we don’t look after our health, we will, of course, get sick. 4) It is reminding us of the shortness of life and of what is most important for us to do, which is to help each other, especially those who are old or sick. Our purpose is not to buy toilet roll. 5) It is reminding us of how materialistic our society has become and how, when in times of difficulty, we remember that it’s the essentials that we need (food, water, medicine) as opposed to the luxuries that we sometimes unnecessarily give value to. 6) It is reminding us of how important our family and home life is and how much we have neglected this. It is forcing us back into our houses so we can rebuild them into our home and to strengthen our family unit. ‘OUR TRUE WORK’

7) It is reminding us that our true work is not our job, that is what we do, not what we were created to do. Our true work is to look after each other, to protect each other and to be of benefit to one another. 8) It is reminding us to keep our egos in check. It is reminding us that no matter how great we think we are or how great others think we are, a virus can bring our world to a standstill. 9) It is reminding us that the power of freewill is in our hands. We can choose to cooperate and help each other, to share, to give, to help and to support each other or we can choose to be selfish, to hoard, to look after only our self. Indeed, it is difficulties that bring out our true colours. 10) It is reminding us that we can be patient, or we can panic. We can either understand that this type of situation has happened many times before in history and will pass, or we can panic and see it as the end of the world and, consequently, cause ourselves more harm than good. 11) It is reminding us that this can either be an end or a new beginning.This can be a time of reflection and understanding, where we learn from our mistakes, or it can be the start of a cycle which will continue until we finally learn the lesson we are meant to. 12) It is reminding us that this Earth is sick. It is reminding us that we need to look at the rate of deforestation just as urgently as we look at the speed at which toilet rolls are disappearing off of shelves. We are sick because our home is sick. 13) It is reminding us that after every difficulty, there is always ease. Life is cyclical, and this is just a phase in this great cycle. We do not need to panic; this too shall pass. 14) Whereas many see the Corona/ Covid-19 virus as a great disaster, I prefer to see it as a *great corrector* It is sent to remind us of the important lessons that we seem to have forgotten and it is up to us if we will learn them or not.

What COVID-19 Can Teach us About

Environmental Conservation

Carla Elliff Mar 2020

Over the past weeks, COVID-19 has become a familiar topic to most of the world. Other terms like “social distancing”, “pandemic” and “quarantine” have made their way into our everyday lingo. However, it is not only our vocabulary that has increased under this situation. There is much to be learned from going through a pandemic.

Some of the most obvious lessons may be those of empathy, solidarity and hand hygiene…But I’d like to shift our focus to a less obvious topic: environmental conservation. Images of crystal-clear water in Venice’s canals have gone as viral as COVID-19 itself, with people amazed at what the absence of humans can produce. Though beware of exaggerations. Other amazing examples of nature healing include the decrease in air pollution in China and in Italy. So what do these cases show us? Here are a few lessons we can learn.

Shared resources The clichés of “we live on the same planet”, “this is the only home we have” or, my personal favorite, “there is no Planet B” all bring the same general idea: we are sharing planet Earth and its resources. As any living organism we have an impact on our surroundings. The problem with human impact is that we tend to be less sustainable than most species. Any harmful material or substance introduced to the environment is considered a form of pollution and a lot of the things we have grown accustomed to have and use are big sources of pollution. Our means of transportation, the food we consume (especially those ultra-processed heavily plastic-wrapped ones) and the industries that supply us with basically everything we need are all potential sources of pollution.

While there are all sorts of environmental laws and regulations to try to keep our activities eco-friendly, we are clearly failing in this respect. In fact, estimates are that the number of lives saved by these global decreases in air pollution due to other respiratory diseases exceeds the number of deaths by COVID-19. Thus, a “business as usual” stance is unacceptable post-COVID-19 and things will have to change substantially if we want to keep China’s air cleaner and Venice’s canals full of life. During this quarantine we have also been unfortunate to see many examples of poorly shared resources in our own local supermarkets. Shelves swiped clean of toilet paper, hand sanitizer and food items are the perfect portrait of how humanity deals with sharing natural resources as well.

Lesson #1: If we reduce and better manage our use of resources, nature will recover and we will breathe easier. Would you rather make better choices now regarding your own use of resources or have someone have to enforce strict regulations in the near future? Importance of wildlife conservation As described in this The New York Times article, an estimated 60% of emerging infectious diseases affecting humans originate in animals (therefore, zoonotic), with more than two-thirds originating in wildlife. Malaria, AIDS, the plague and, now, COVID-19 are examples of zoonotic diseases. In fact, a whole field of research is dedicated to the study of the ecology and epidemiology of wildlife diseases. However, we rarely think of wildlife conservation as a means to guarantee human health, do we? The handling of wild animals and consumption of bushmeat represents important sources of pathogens all around the world, which must be carefully monitored. The Wildlife Society emphasizes the importance of taking a multidisciplinary approach when dealing with this complex issue. This has prompted the One Health Initiative, which combines all aspects of health care for humans, animals and the environment with the mission of improving the lives of all species. The emergence of zoonotic diseases are a major concern for the initiative.

Lesson #2: The objective of wildlife conservation isn’t to promote a bucolic human-free environment. Professionals in this field are not only invested in guaranteeing the well-being and perpetuity of wild animal species, they are also important agents for promoting healthy interactions between humans and animals. They save lives. CO2 emissions The decrease in air pollution around the world is not only good for local communities but may also lead to a global decrease in CO2 emissions. In addition to factories, another important contributor to this greenhouse gas has been seriously affected with COVID-19. One of the most efficient ways a virus can reach more people is by hitching a ride on our millions of daily flights around the world. As such, airlines have suffered a huge blow, with cancellations and national borders being shut down. While this is an economic disaster, it also sparked an important discussion: how much travel is excessive? Air transportation is currently believed to contribute with around 2% of global greenhouse gas emissions, mainly carbon dioxide (CO2). While this may seem like a low number, this industry is rapidly growing and is predicted to double over the next couple of decades. Also, air transportation is usually the largest source of CO2 for a single person. This means that if you, as an individual, are looking to decrease your negative impact in the world, you can start by flying less. As a scientist this has affected me in a very specific way: all my upcoming conferences have either been cancelled or are on hold. Specifically, as an environmental scientist, I feel we are now facing a much needed change in the way we interact. For years, conferences such as the International Coral Reef Society Symposium have faced a conundrum: there we have thousands of scientists flying in from all over the world (i.e. lots of CO2 emissions) to talk about solutions for coral reefs, which are dying from the climate crisis that is fueled by greenhouse gas emissions. This and other symposiums have all sorts of strategies to compensate these emissions, but online participation is still an exception in this world of conferences. While there are numerous co-benefits with online participation, this is a slippery slope to tread and must be well thought to guarantee it is accessible and inclusive.

Lesson #3: Some meetings can be e-mails and even most of those that have to be meetings, can be online meetings. Welcome the 21st century into your work and go remote whenever possible! Importance of science “At the beginning of every disaster movie there is a scientist being ignored”. This was one of my favorite signs shown at the first March for Science back in 2017. Anti-science has gained strength in many fronts over the past few years and we are all the worse for it. With huge budget cuts and increasing instability, scientists have been working under less than ideal conditions (to say the least) while trying to answer big and important questions. The problem is that these questions may not seem big and important to the general public and governments while they are being studied. For example, to develop a new drug, scientist can’t start out with mixing ingredients and giving them to sick people. The investigations start way back, thinking at a cellular (and sometime molecular) level. So it can seem strange to have people spend 20 years studying how this very specific molecule reacts to different substances, but this is the building block to eventually develop a much needed pharmaceutical product. During the COVID-19 pandemic we have seen people turn to science for solutions and science is struggling to respond. Maybe if there had been more resources invested there would be quicker responses. At this point we can only hope things will improve before the next crisis.

Lesson #4: You don’t have to like the science. Science isn’t a belief system. The whole point of people pursuing a career in science is to improve something: better healthcare, better technology, better use of our resources, better understanding of our world.

These past weeks have been overwhelming in various ways. If we do not learn from our mistakes, we will not be able to improve.

Nature Words

Nature Words is the Young Ecosystem Service Specialists’ (YESS) blog. Find out what our members

from all over the world have to say about our environment! Follow Stay on top of the pandemic

• Research: How Coronavirus is accelerating medical advances. • Social distancing: Despite what the president says, staying home saves lives. • Supplies: The paramedic in desperate need of face masks. • Language: New coronavirus terms you might hear in the days to come.

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Spring Home Maintenance Checklist

March

• Clean or replace furnace filter • Check air ducts, remove covers and vacuum dust from vents; • Check and clean the heat recovery ventilator (HRV); wash or replace the filter; • Check attic, basement and crawl spaces for leaks or moisture • Check sump pump (if installed) for discharge • Clean humidifier and check for condensation and proper humidity levels • Remove snow and ice from overhang and vents • Check and reset ground fault circuit interrupter (GFCI) • Test smoke alarms and carbon monoxide detectors

April

• Check eavestroughs and downspouts for debris • Clean or replace furnace filter • Check and clean the heat recovery ventilator (HRV); wash or replace the filter; • Clean humidifier and check for condensation and proper humidity levels • Inspect basement or crawl spaces for leaks or moisture • Check roof for loose or cracked shingles • Check driveways and walks for frost damage • Inspect water heater for leaks • Turn on exterior water supply • Plan landscaping to avoid soil settlement and water ponding • Check and reset ground fault circuit interrupter (GFCI) • Test smoke alarms and carbon monoxide detectors

May

• Inspect fences • Check caulking around windows and doors for air or water leaks • Lubricate weatherstripping • Check exterior finishes for signs of deterioration (peeling paint, loose siding, cracks) • Check windows and screens are operating properly • Test septic system and clean if necessary • Check and reset ground fault circuit interrupter (GFCI) • Test smoke alarms and carbon monoxide detectors

https://www.tarion.com/homeowners/maintaining-your-new-home/spring-home-maintenance-checklist

Condominium Buyers’ Guide

CMHC – Canada Mortgage and Housing Corporation

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Buying a Home Step by Step

A Consumer Guide & Workbook

CMHC – Canada Mortgage & Housing Corp

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The Careguide Source for Seniors

a Comprehensive Seniors’ Housing & Home Care

Services Directory

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I wanted to reach out to you today to understand more about you and your family, and what is important to you, and any future plans, that your schedule holds so that I will know how best to help and support you and your family to reach your home ownership goals. When the time comes that you start to plan to buy or sell a home, it would be my pleasure to help you with my high level or service and commitment. Your best interest will always comes first. As a Real Estate Professional keeping my clients informed with leading real estate news, listings, reports and other such valued information is my primary responsibility. I value your business and would like to keep the lines of communication open.

Real Estate can be overwhelming with information overload. Let me simplify the process and help guide you every step of the way through the home buying and/or selling process. My goal is to focus on your interests and help you reach your goals. Your customer satisfaction is my priority by providing you with the information you need and want to make informed and knowledgeable decisions. As well as answering any questions or concerns you may have so that you are comfortable every step of the way through the home buying or selling process. If there is anything I can do today or in the future to be of assistance to you in any way, Please let me know, it would be my pleasure to help you or your family or friends with any Real Estate needs you may have. If you ever have any Real Estate questions or concerns or would like any information, you are always welcome to contact me. Have a Great Day Lydia Lydia Pollard, Sales Representative RE/MAX Realty Specialists Inc. Direct: 905-272-4764 Office: 905-272-3434 Lydia@LydiaPollard.com www.LydiaPollard.com

*Not intended to solicit buyers or sellers currently under contract with a brokerage. The information and opinions contained in this newsletter are obtained from various sources believed to be reliable, but the accuracy cannot be

guaranteed. This newsletter does not render legal, accounting or other professional advice. Seek professional advice as required.*

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