The Redwood/Raven Reporter
I hope this message finds you well, and 2017 has you off to a good start.
Redwood has been in the business for 28 fun years. This year will be a year of exciting change. The Leafs in the playoffs, the boat in the water, a new corporatedirection, summer weather, the knowledge that my transmission is good for another 200,000K KMs (as the last one exploded in rush hour traffic on the 401), and my daughter getting married.
I would like to announce that Redwood Mortgage will become a licensee of Verico, Canadas largest mortgage network. The lending landscape is changing rapidly, and now is the time to align ourselves with Canadas largest network of mortgage professionals. The Your brand, Your way network system will allow Redwood Mortgage to have access to innovative tools, support devices, industry leading technology and lender accessibility. Some of the large advantages are electronic document storage and an increase in the number of lenders, which leads to moreproducts for you.
Raven Financial Services (Redwoods sister company), will remain totally independent, as previously mentioned Raven specializes in the management of private mortgage portfolios. Raven has doubled in size in the first quarter of 2017. Fly Raven fly!
I would also like to take the opportunity to announce our Marketing Manager and Executive Assistant Natalia Chavez as part of our team. Natalia will be responsible for managing and executing all Marketing projects for Redwood Mortgage and Raven Financial Services. She will also be announcing new exciting news and updates on both Redwood Mortgage Corporation and Raven Financial Services. Natalia will bring a very new approach to our brand with her outstanding skills and extensive knowledge on Digital Marketing.
Lastly, if you want to talk about a mortgage, or refer a friend/family member, or talk about anything really please do not hesitate to call, and I mean this sincerely. Pick up the phone, drop in or send me and e-mail. It is perfectly okay. You know I am a person who loves to get letters in the mail, meet people and talk on the phone.
Robert A. (Bob) Gascon
Redwood Mortgage Corporation FSCO #10288
Virtual Tours and Live Streams a Hit on REALTOR.ca
While staying home to help stop the spread of COVID-19, Canadians are spending more time looking at properties on REALTOR.ca, Canadas No. 1 real estate platform*. During the week of March 9, visits to REALTOR.ca dropped by 30%; however, since April 12 traffic has crept back up by 14% and consumer inquiries to REALTORS through the site rose by 25%similar to levels during the same period last year. Despite the pandemic, REALTOR.ca has seen a 14% increase of visitors during the first quarter of 2020.
As COVID-19 is limiting how buyers can visit homes that interest them, REALTOR.ca makes it possible for Canadian REALTORS to virtually showcase listings by integrating video and 3D tours from 10 of the most popular services. Since April 7, REALTORS can also schedule and promote live stream open houses using popular platforms such as Facebook Live, Instagram Live, Zoom and YouTube.
If theres one thing 30-plus years in this business has taught me, its that as an industry we are early adopters of technology, said Costa Poulopoulos, Chair of the Canadian Real Estate Association. With restrictions on how we can continue to serve our clients, Im proud that weve been able to add features for REALTORS that allow them to continue to show homes to interested buyers.
Canada's Manufacturing heavily impacted in March
Manufacturing shipments fell 9.2% in March after climbing 0.4% the prior month. This result was more than double the drop expected by consensus (-4.5%). Lower sales were registered in 17 of the 21 industries surveyed, including transportation (-26.5%), petroleum and coal products (-32.2%), and plastics/rubber products (-10.9%). Alternatively, shipments increased for food manufacturing (+8.2%) and paper manufacturing (+8.4%). With the price effect removed, total factory sales decreased 8.3% m/m, while inventories grew 0.8%. As a result, the real inventory-to-sales ratio rose from 1.56 to 1.72, a bad sign for future production.
Manufacturing sales came in much worse than expected in March, matching their largest one-month decline on record (December 2008). Sales retraced all the way back to their level in June 2016. It should come as no surprise that disruptions from COVID-19 were the chief cause of the decline. Indeed, 78.3% of manufacturing businesses reported being impacted by the pandemic. Transportation saw a significant decline owing to plant closures, while refineries lowered production as demand and prices waned. Not everyone experienced an adverse shock, as evidenced by marked increases for food (groceries) and paper manufacturing (toilet paper) in the month. This will likely be transitory, however, as households rushed to stock up in March. Eight of the ten provinces reported lower sales, with Ontario and Quebec posting the largest declines. All told, given that confinement measures had been in place for only two weeks in March, the April manufacturing picture can be expected to be even worse.
Home sales fell 56.8% from March to April, to the lowest level recorded since the inception of seasonally adjusted data in 1988. The fall was generalized to all the 26 major markets tracked by CREA except Newfoundland and Labrador, where sales rose 13.6%. New listings also fell sharply (-55.7%) but active listings only 8.7%. Therefore, the active-listings-to-sales ratio (our preferred gauge of market conditions) skyrocketed from 4.3 months of inventory in March to 9.2 in April, the largest since the 2008-09 recession.
Source: National Bank of Canada