Toronto Real estate

Dated: October 27 2021

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Our society has been going through many changes, including finding a new way to live, work, and conduct business as we all do our part to combat COVID-19. As many of us are at home, distancing from friends, family, and coworkers, we have all felt like life has been sort of put on “pause” in a lot of ways. However, many people in the Greater Toronto Area still interested in Toronto real estate and need to buy and sell their homes.

People still need to move which means Toronto real estate is still happening during the crisis. Whether it’s a new job, a planned relocation, leases expiring, or a previously sold home, there is still a need to buy and sell during COVID-19. Much like many services that have had to adapt, Toronto real estate has also evolved to provide a safe experience for buyers and sellers. Here are a few ways you can still be safe and buy and sell your home:

DO AN INSPECTION UPFRONT IF YOU’RE SELLING

In a time of uncertainty and scaled-down resources, home buyers are going to be more hesitant than normal. You can help guide the process and instill confidence by paying for an inspection before listing your home to help put buyers’ minds at ease. Qualified inspectors will have all the safety equipment to keep your home germ free during the inspection. If you are considering Toronto real estate for buying or selling, there’s no need to feel worried.

TRY 3D AND VIDEO TOURS

3D images and video tours were an additional way of advertising a home but are a must-have in times like these. A thorough 3D tour or an engaging video tour can showcase the home without having an open house. Make sure to show all the nooks and crannies of the house and highlight all the best features.

VIDEO CHATS WITH YOUR REALTOR

Much like meetings and chats with friends has moved to Face Time and Zoom, so have meetings with your realtor, lawyer, and other services. On video, you can show how you’ve staged your home, get advice, and other must-sees for the selling your home checklist.

VIRTUAL SHOWINGS

To minimize the amount of people coming into a home for sellers, and to ensure the safety of buyers, realtors have been doing virtual showings. A realtor will schedule showings over video chat over one afternoon or chunk of time and walk potential buyers through the home over video.

IF BUYER wants TO SEE THE HOUSe

When things are serious, it makes sense that a buyer may want to physically see the house. In these cases, we ensure the home sellers have sanitized the home thoroughly and we ask them to leave all the lights on, doors open, and ask them to have sanitizer at the door. This ensures buyers can have a quick tour without touching anything. Everything gets cleaned and sanitized as per government health standards and social distancing measures are ensured.

E-SIGNATURES AND SIGNING

In Toronto real estate many documents can be signed virtually, thanks to many different online services. When it comes to the legal documents, you’ll have to do those in person but thankfully, many lawyers have COVID-19 protocols in place to keep everyone safe.

IS IT A BAD TIME TO BUY OR SELL?

The short answer is no. Toronto real estate is still essential, and the need to buy and sell homes has remained. While the market has changed a bit, and how realtors do business has changed, it doesn’t mean that you shouldn’t be house hunting or listing.

If we look forward to the next few months, we can speculate about how the Toronto real estate will be affected and if real estate prices in this city will significantly drop come summertime.

Pumping the brakes on the market for now

Current market activity may appear to have slowed. Early April saw average home prices in Toronto real estate decrease by 1.5% and some economists predict that by July, home prices could fall by 5 per cent.

Yet, we cannot be sure that this trend will continue into the summer and that prices will necessarily dropping further. The Toronto Regional Real Estate Board (TRREB) notes that the pause on activity will lead to more demand once measures loosen. As a result of banned open houses, homebuyers have resorted to creative ways of viewing listings and engaging with the market, leveraging technology to facilitate the home-buying process while mitigating the impact of corona virus on Toronto real estate.

Social distancing will likely continue for at least a portion of the summer. Yet, we expect buyers who have been waiting patiently to continue their home search will quickly re-enter the market when we return to some normalcy. Meanwhile, some sellers will take a wait-and-see approach and may not need to reduce their home sale prices or make concessions.

Pace of the economy and employment

The state of the economy and unemployment rates will play a role in the amount of financial power people have to make a home purchase. The government has put a number of COVID-19 relief measures in place to help Canadians during this time. The extra financial assistance will certainly help Canadians, and it may even encourage Toronto real estate activity for those who need to buy or sell at this time.

The timing of the market recovery will affect any real estate price drops this summer. Those who are concerned about their employment in the coming months could pull demand down. However, those who have stable employment and cash that isn’t tied up in investments can take advantage of low interest rates. First-time homebuyers can leverage current market conditions, since they don’t have equity tied up in a previous home. First-time buyers who qualify can also use the First-Time Homebuyer Incentive to help with their purchase.

Low interest rates attract buyers

The mortgage stress test has made purchasing a home challenging for some. First-time homebuyers have especially faced difficulty in qualifying for affordable mortgages.

However, the Bank of Canada has made changes to their benchmark rate and lowered the interest rate to 0.25% – the lowest it’s ever been. Before March, the rate was sitting at 1.75%. If buyers decide that they want to take advantage of lower rates, this could motivate them to purchase homes during this time.

This could be the break homebuyers need, widening their budget, housing options and features. For example, if they always wanted a home with four bedrooms or a larger backyard, lower interest rates may allow them to afford those additional features.

For many Canadians, there are decisions that need to be made about whether it’s the right time to purchase a home or not. If you’re in a position to leverage low interest rates and are willing to use technology, then you can get savings by making a purchase during this time. However, people should consider their safety first and depending on your current employment situation, it could make sense to wait.

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GTAREALSTAR from Royal Canadian Realty Brokerage is a real estate Brokerage company based in Ontario, Canada. The well-established company has many years of outstanding experience in the Real estate Industry. The company focuses on being tshe "straight talking property people" offering a completely jargon free service. GTAREALSTAR use the latest software solutions to improve their service to their customers on a daily basis. GTAREALSTAR offers online access to website twenty-four hours a day, they even offer electronic signing. The company offers sales and rentals combined with first class service and support. Call Naveen Vadlamudi @ 416-837-9696.

Never too late to find your dream home. For available properties, visit http://www.gtarealstar.ca. Call Naveen Vadlamudi @ 416-837-9696 Now.

Author : Naveen Vadlamudi

Address: 3 Centre Street,  Suite #206,
Markham, Ontario, L3P 3P9

Call Now @ (647) 694-4910
Text Now @ (416) 837-9696

Brokerage: Royal Canadian Realty 
Reviews: https://bit.ly/3nO6RNK
Website: www.GTARealstar.com

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Naveen Vadlamudi

My Name is Naveen Vadlamudi, and I'm a Licensed Professional Real Estate Broker Servicing the Greater Toronto Area! Whether You're Looking to Invest For a Guaranteed Return on Investment, Upgrade Fr....

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