Is this a good time to sell? Is this a good time to buy? These are pertinent questions in the real estate industry as our world has never seen a Pandemic with such a profound global effect. Despite COVID-19 impacting current economic and social conditions, the real estate market in Canada, and specifically Toronto, has performed better than expected.
When we look at where sales were in April 2019, sales are down by 69%; however, month-over-month in the GTA, the market only saw a decline of 20.8%. Inventory is down, which can be part of the contributing factors keeping prices relatively stable in the market thus far. We have only seen a decrease of 1.5% in values, which is a minor decrease when you consider our economy has practically shut down.
Currently, properties under $1.5M in the GTA are still receiving over-asking offers due to low inventory and the necessity of people needing a place to live.
The forecasted outcome is hard to predict as historically we have not faced a national or international crisis of this nature. Still, it can be anticipated that the longer we have restrictions on our economy, there is an increased likelihood prices will soften. The real estate industry has had to quickly pivot to accommodate new protocols and practices regarding physical distancing and the safety of all parties involved. I outlined recent changes in the real estate market on Breakfast Television earlier this week, to view my segment in full and catch up on the changing market conditions, click here
What Sellers Need to Know:
Values have remained relatively stable, making it a positive time to list, all things considered. We are entering Spring and Summer seasons when properties will blossom, and your home will show its best; this is important to keep in mind if you are considering listing this year.
To observe physical distancing, The Invidiata Team continues to uphold safety precautions. We offer home evaluations online by viewing your home through Zoom, Facetime, or video chat. If you prefer, you can take a video of your home and upload it to email@example.com, where we will view the video, and gather the information needed to provide you with a comprehensive valuation. Once complete, we will walk you through the valuation report and share our recommended marketing strategy for your home.
This service is complimentary for you, whether you are ready to list your home or curious about the current value of your home. If you have not been compromised by COVID-19, we can tour your home while observing physical distancing, wearing a mask, and gloves.
What Buyers Need to Know:
A downturn shift in the market, regardless of the cause, often creates new opportunities for Buyers. The longer physical distancing restrictions are in place, the closer Buyers might be to obtaining great value for a property. As of today, “the deals” you may have expected have not been seen across the industry. The most significant leverage Buyers have are the interest rates, which have remained low. With the banks moving slower these days, I have been advising my Buyer clients to get their mortgage pre-approvals in place. This is an essential step for Buyers to understand their purchasing power, which will allow them to confidently make offers.
Helping Buyers and Sellers with Virtual Open Houses
The Invidata Team has a variety of tools to help you virtually walk through listed properties. We are in the process of creating 3-D interactive floor plans on all our listings to give Buyers the ability to simulate walking through the home, even though they are comfortably sitting on their couch. This tactic provides the best virtual experience possible. Please enjoy two of our current listings as an example of our 3-D interactive technology:
? $1,149,000 | ? 2+1 Bedroom | ? 2 Bathrooms | ? 1,323 SQFT
? $2,498,000 |? 4+1 Bedrooms | ? 5+1 bathrooms |? 3,998+2,020 SQFT
The Invidiata Promise
The Invidiata Team is committed to helping the needs of our valued clients and those in our community. As the market shifts and changes, we will continue to be here to serve you. We will keep you updated on what is happening in the market, and we are always available to answer any questions you may have. Please connect with me if you are looking to buy or sell your home, or if you have any questions at all. To reach me, Click Here or call 905.339.3444 anytime. The Invidiata Team is always here to help you navigate the market and get the most out of your real estate investment.
Stay strong, keep healthy, and spread positivity!