The Toronto Regional Real Estate Board (TRREB) supports the provincial announcement to again ban in-person real estate open houses in the Greater Toronto Area COVID-19 hot spots. TRREB wrote a letter to Government and Consumer Services Minister, Lisa Thompson, supporting a similar call by the Ontario Real Estate Association for a ban.

The Toronto Regional Real Estate Board (TRREB) is calling on its 56,000 REALTOR® Members to avoid in-person open houses during this second wave of the pandemic and to continue to take advantage of virtual tools.

A series of charts summarizing key residential statistics for the GTA, including an affordability indicator and time series for price, new listings and sales.

Toronto Regional Real Estate Board President Lisa Patel announced that sales reported through TRREB’s MLS® System by Greater Toronto Area REALTORS® amounted to 11,083 – a new record for the month of September. This result was up by 42.3 per cent compared to September 2019.

The Toronto Regional Real Estate Board (TRREB) is applauding the provincial government’s announcement that those who trade in real estate in Ontario can now structure their businesses as Personal Real Estate Corporations (PRECs). The government’s announcement comes with the approval of regulations under the Trust in Real Estate Services Act, 2020 (TRESA), which set out the necessary details and rules for implementing PRECs.

A series of charts summarizing key residential statistics for the GTA, including an affordability indicator and time series for price, new listings and sales.

Toronto Regional Real Estate Board (TRREB) President Lisa Patel announced that the strong rebound in Greater Toronto Area (GTA) home sales continued with a record result for the month of August. GTA REALTORS® reported 10,775 residential sales through TRREB’s MLS® System in August 2020 – up by 40.3 per cent compared to August 2019.

TRREB was invited to present to the Provincial Standing Committee on Finance and Economic Affairs, with regard to the economic impact of the pandemic on the Greater Toronto Area real estate industry and market. TRREB President Lisa Patel engaged MPPs through a virtual presentation on August 20, 2020. You can view the full remarks here.

TRREB’s key messages were:

  • declaring the trade in real estate as an essential service during the economic shut down was the right move and should be done again if we’re forced into another economic shut down;
  • prohibiting traditional physical open houses was also the right move and supported by TRREB and our Members ;
  • the real estate market has rebounded quickly and substantially and is expected to continue to do so;
  • any new demand-side stimulus should be considered cautiously to ensure that affordability challenges are not exacerbated due to a lack of adequate supply and to avoid contributing to housing price inflation; and,
  • government efforts should focus on increasing the supply of diverse and adequate housing for sale to better meet already high demand.

You can view TRREB’s Economic Recovery document here.

 

A series of charts summarizing key residential statistics for the GTA, including an affordability indicator and time series for price, new listings and sales.

Toronto Regional Real Estate Board President Lisa Patel announces that Greater Toronto Area REALTORS® reported 11,081 sales through TRREB’s MLS® System in July 2020 – a 29.5 per cent increase over July 2019 and a new record for the month of July. On a preliminary seasonally adjusted basis, sales were up by 49.5 per cent compared to June 2020.