How will COVID-19 impact the Toronto Real Estate market?

To all our Alex Beauregard Team Real Estate Community,

As the Coronavirus spreads throughout the world and our city, these continue to be unprecedented and challenging times.  The virus’ impact on our lifestyle, economic environment, health care system and overall well-being seems to be changing by the day, if not the hour.

Anxiety amongst buyers and sellers is increasing and our clients are grappling with the impact the COVID-19 outbreak will have on their plans.

• What is happening out there in the Toronto Real Estate market?
• Is it “business-as-usual?”
• Should I buy/sell now or wait?
• Are home prices going to fall?
• Is it safe to view houses during social distancing?

We are still seeing a fair amount of activity as of March 19, with homes selling above asking price, with many buyers for every listing, and the market still leaning favourably towards a Sellers’ Market.

Will that change?  Probably.

With recent Government developments, a call for social distancing and an increased amount of personal hygiene, Open Houses are being replaced by virtual tours and only staging VACANT properties.  The Alex Beauregard Team long ago embraced digital technology and continues to use online signature platforms/apps to conduct business.

Our Seller clients’ needs are generally unique to their circumstances.  Some will proceed with selling now because they’ve already purchased another property, or fear prices falling.  Other sellers will wait for this pandemic to be behind us and delay listing until there are more buyers to get top dollar.

Our Buyers may have an opportunity ahead of them if they take advantage of less competition, interest rate cuts, have secure employment and can lean on the Big Banks’ commitment to defer mortgage payments (if they need to).

As for what comes next?  Without a crystal ball, and with the COVID-19 outbreak escalating by the day, we will continue to monitor and adjust the way we do business to keep our clients and our Team safe.  For now, we are still here to help.

This is uncharted territory for all of us, but it will be temporary.  All we need to do is look at Wuhan, where the virus originated, to see signs of recovery emerging.  Or refer back to the quick and strong rebound Toronto made from the 2008 financial crisis.  Call it optimism on this First day of Spring… but this is Toronto, one of the Top 20 best cities in the world (according to us, and Resonance Consultancy’s 2020 Report).

So what are some things Buyers/Sellers can do until we get through this?

1.  Talk to your bank/mortgage broker and secure pre-approval.
2. Prep your home for sale: clean, organize, declutter, repair.
3. Stay calm, don’t panic, make a plan.  A digital marketing plan.

Until we are unable to, the Alex Beauregard Team is here for discussion, and to answer any questions you might have.  Please don’t hesitate to reach out.

Meantime, wash your hands, stay home, stay healthy.