How Coronavirus is Impacting the Real Estate Market

It’s hard not to watch the news and not hear about Coronavirus. It seems like it’s on everyone’s minds these days and understandably so. It has disrupted our way of life. Whether you live in Toronto, Vancouver or in between, Coronavirus has impacted your life in some way.

Before Coronavirus became a big issue, countless Canadians had plans this year: going on a vacation, getting married and buying a home. Buying a home has certainly become more challenging during the Covid-19 outbreak.

Let’s take a closer look at how Coronavirus is affecting the real estate market.

 

What’s Going on with the Real Estate Market?

In January, February and early March, Coronavirus wasn’t having that much of an effect on the real estate market. In fact, low mortgage rates were probably encouraging more homebuyers to get into the real estate market. However, that has all changed recently.

When Canadians were told to work from home and do social distancing, it really put a damper on the real estate market.

While certain real estate agents have been busy, homebuyers are increasingly becoming concerned with viewing properties in person for health reasons. Most are listening to the government’s recommendation and trying to do social distancing and don’t want to take changes when viewing properties.

The homebuyers who are really motivated are getting creative though. If you really want to buy a home, there are still ways to do it. First of all, you can do social distancing when you’re at a property. You can also wash your hands regularly and use hand sanitizer before and after viewing properties.

If you’re just not comfortable taking the risk right now visiting properties, technology gives you an alternative. For example, you can view a home virtually by using cameras. Similarly, you can view the home on the outside if you’re not comfortable going inside. Everyone’s level of comfort may be different.

At the beginning it was business as usual. Real estate agents were doing open houses like before. However, as the Coronavirus become more serious by mid-March, agents are no longer holding open houses to stop the spread of COVID-19.

If you’re wondering if you can still view properties, real estate agents are considered essential services, so you can still view properties if you really want to.

 

How Will Covid-19 Affect the Spring Real Estate Market?

If Coronavirus continues to be a problem all throughout the spring real estate market, we’re likely to see a slower market than normal. But that doesn’t mean that Canadians won’t purchase homes this year. The Canadians that really want to buy homes may just wait until the fall when things are hopefully back to normal.

 

Brought to you by Sean Cooper

Posted in: Real Estate

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