With the pandemic going on! I’m sure a lot of people who were looking to purchase or rent a new property or even those with homes currently on the market, or still looking to list their home for different reasons have questions about how this health emergency relates to the real estate industry!
The Toronto real estate board has stated that the real estate market had a strong first half of March! home sales were up around 49% in the first half of March, compared to last year. The selling price was also up between 10.5 percent to 14 percent on average from last year. But as the shutdowns and layoffs came into effect during the second half of the month of March, The Toronto Real estate board reports that the economic uncertainty has led to a drastically slowed down real estate market during the second half of March.
It has been forecasted by Robert Hogue a Senior economist at RBC Capital markets in the Financial posts that buying activity is going to decline in spring possibly going into the summer. although it is not predicted that house prices will rise, and mortgage interest rates have been declining the forecasted lack of buying activity is more likely to be attributed to the uncertainty of the times.
The real estate market has always been largely affected by the economy, and we have yet to find out how long this will persist or how this is going to affect the real estate market in the long run, but one can only predict a decline in buying activity due to layoffs, and those who were looking into buying holding off on spending pending updates on the future of their jobs.
Real Estate Market Vs. COVID19
Question & Answer
The government notified the Ontario Real Estate Association that all businesses deemed non-essential are to close by 11:59 March 24th, 2020 but the government has determined real estate trade be an essential service!
WHAT DOES REAL ESTATE BEING AN ESSENTIAL SERVICE MEAN?
This means that real estate trade will continue, but it will not be “Business as usual” This means not continuing business as we know it, means that real estate professionals, registrants and those looking to trade in real estate at this time have to acknowledge that Ontario is currently in a state of emergency, and follow the direction of health officials to avoid the spread of COVID-19. ?things regarding operation and protocols may change as the Ontario Real Estate Association is updated by Health Officials.
WHAT CHANGES ARE REAL ESTATE PROFESSIONALS AND REGISTRANTS EXPECTED TO MAKE?
Minimizing contact as much as possible and utilizing electronic alternatives to face to face contact! and only meeting face to face when deemed necessary! While also making sure that when a face to face meeting is a necessity, practicing social distancing
Alternatives & Restrictions that help to minimize contact include:
NO OPEN HOUSES
NO DOOR TO DOOR CANVASING
USING ELECTRONIC DOCUMENTS/ ELECTRONIC SIGNATURES
VIRTUAL TOURS & 360 WALK-THROUGH
Using virtual tours and walkthroughs make it easier to limit showings to when necessary, especially if the home is owner-occupied.
REAL ESTATE PROFESSIONALS AT TAILORED REALTY WILL BE DOING THEIR DUE DILIGENCE TO PREVENT THE SPREAD OF THE VIRUS BY SANITIZING TO THE BEST OF OUR ABILITY BEFORE SCHEDULED SHOWINGS.
AM I ABLE TO LIST MY HOME? WHAT IF MY HOME IS CURRENTLY ALREADY ON THE MARKET??
YES! Tailored Realty will be utilizing social media and other marketing strategies to sell/rent your property. finding qualified buyers, while simultaneously taking precautions to limit the amount of face contact in regards to showings
CAN I STILL CONTINUE MY HOME SEARCH?
YES! listings are sent from our agents to our clients, using an online system, and using the virtual tour options, 360 walkthroughs before deciding to see the property as well as limiting in-person showings to when necessary. While still practicing social distance between agent and client as well as proper sanitization, we are still able to help you find your dream home!
The Real Estate market remains active it’s just that the home buying and selling process will look different during this time.
Tailored Realty is prepared to assist buyers/Sellers and renters during this health Emergency.
Contact us and one of our agents can assist you in overcoming the obstacle of navigating the Real Estate Industry amid the current pandemic!