Monday, November 30, 2020 / by Sushma Khinvasara
Canadian Housing Market Copes With Covid19 Pandemic
Early this 2020, the entire world was stunned at an unknown virus from Wuhan, China that managed to spread. At that point in time, no one knew how to handle it since human interaction was deemed dangerous as it may spread the virus and there was no cure, treatment or a vaccine. With the world in shock with the sudden need for change, plenty parts of our normal life were affected: schools and businesses were shut down. Especially the real estate industry wherein human interaction is of utmost importance: open houses, house tours, house presentations and the such in order to make a sale, the pandemic definitely took a toll - but not as bad as we expected in Canada.
"While COVID-19 lockdowns slowed Canada's housing market at the start of a typically busy spring market, activity bounced back by early summer in many regions, including Vancouver and Toronto," according to Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. "Despite the tragic impacts of the pandemic, our optimism in the strength of Canada's housing market has always remained, and current market activity further exemplifies this. Many homebuyers are now exploring different neighborhoods that better suit their new lifestyles, and real estate agents are getting busier and working more with buyers from different major cities. According to our brokers and agents across the RE/MAX network, Canada's fall market is expected to see spring market-like activity."
Migration to suburban areas
Being in a pandemic wherein employment has gone down, some Canadians are prompted to reassess their housing situation and the cost. The need to stay at home has left people wanting to have access to better space and amenities. Many Canadians have moved from large urban cities to rural or suburban communities. This has affected 32% of the population according to a survey conducted by Leger. With the monthly sales figure on record as reported by the Canadian Real Estate Association and the national average sale price rising up to $571,500, the industry has managed to keep its feet on the ground despite travel restrictions which have suspended immigration and slowed the demand for rental properties for tourists, students, and employees.
However, with the social distancing protocols in place, some real estate agents have been using technology and social media as a means to reach consumers. Some of the in-person meetings were made through video calls which enabled the continuity of meeting with clients and prospects.
Though the current situation is making it difficult to meet in person or conduct home showings physically, the grind never stops for this industry. Prices and demands will see an upward trend in the near future once restrictions are fully lifted and life will go back to normal, it’s safe to say that the real estate market has managed to adapt to the change and survive.
If you are currently in the market to buy or sell a home and need help, you can contact me at 647-834-9928 or email me at email@example.com