Corona Virus: What will happen to Canada’s housing market during the pandemic?

It is not an easy article to write for us, if you are buying, selling or looking for a home, you are not alone in having question right now. so far, it’s hard to tell, usually it takes a while for economic trends to be reflected in housing market data.

Now, real estate agents are doing client meetings and home tours
online or carrying hand sanitizers and gloves when showing properties in person.

Restrictions to movement, a plunging financial market and uncertainty about future income, all because of the corona virus pandemic, have upended plans to buy and sell homes overnight.

Real estate activity has slowed considerably as buyers, sellers and agents try to figure out the path forward.

Should I sell?
Life will go on and people will have to move, but it will be very different. There is fear everywhere and people are trying to think about what this means in long term. It is good time for buyers because they can get low interest rates and it is a good time for sellers because of low inventory.

Showings have dropped off significantly because of public health recommendations to stay home, but if you have already listed your property don’t take your property off the market.

Should I buy?
If you already sold your property you need a place to live, in this case you have to take risks, shop around and find a property to buy. It is hard to decide these days but take it day by day or maybe hour to hour.

Can I close?
Closings are the real problem right now, but parties appear to try to make closing work. However, there are rules, regulations and laws that must be followed, and both side agents need to protect their clients.

We are all in the same boat, COVID-19 gives us the opportunity to understand each other more. There is a big lesson behind all these fears, everything is temporary and these days will pass. Stay positive and be safe.