What is the real story of Covid-19?
If you are a “News Junkie”, like me, and have been following the story of the virus Covid-19, including, cancellations of school, work, events and travel options. It is very hard to get pragmatic advice but today, I received an email with an interview with Dr Peter Nord, Chief Medical Officer of Medcan, a health and well-being organization. Have a listen to the most recent podcast which really gives a cogent opinion on what is transpiring globally without the dramatic presentations that you may be viewed in the Media. There is a lot of confusion so do yourselves a favour and take the time to listen to this interview about Covid-19. It is well worth the time to get a common-sense take on Covid-19, the future and best ways to protect yourselves.
How will Covid-19 Affect the Real Estate Market in Toronto?
Remember that Toronto was a very strong recipient of SARS in 2003 and it was similar in effect. What we could expect from a repeat performance on is unknown but if we go back to those earlier days, the market did slow as buyers hunkered down. However, today’s market has shown to have numerous buyers for each property that becomes available. The numbers of offers may reduce but that may be an excellent opportunity for those buyers that persist in searching for their dream home.
Sellers may have to be somewhat more flexible and be open to seriously considering good offers if their intention is to sell. It’s always best to sell and buy in a similar market and the reaction from the Bank of Canada has been to lower the prime rate which may also act as a stimulus to this market.
My suggestion would be to keep looking at homes, use your computer and apps like Real Estate Dot Love, which you could download by clicking here. You may want to avoid Open Houses or be vigilant about handwashing and physical expressions like hugging or handshaking just as you would in a strong flu season.
Technology has advanced greatly and you can sign and submit offers without anyone coming face-to-face if you are high risk and/or greatly concerned about the Virus.
If the timing is right for you and your Home Dreams then move ahead and take advantage of the marketplace. Toronto has never been a quiet easy market. So much affects our real estate microcosm, that it has proven to be constantly in flux. There are only good and bad times in hindsight.
“No one ever overpaid for the right home”.
Those who years ago predicted the “Toronto Real Estate Bubble” and the crash of it have only found themselves priced out-of-the-market in Toronto. They now are moving farther away and commuting more in a region where traffic and roads are not keeping up with the population shift. They find themselves “driving till their mortgages are approved”.
Don’t let yourself be forced out of the market, even if it means an expectation adjustment. Can three bedrooms and a den allow more options than 4 bedrooms?
Always expect a real estate adjustment but that does not necessarily mean a downturn…especially in the Greater Toronto Area. This past month Toronto Regional Real Estate Board stats and commentary can be viewed here.
For further information:
Ontario Ministry of Health
Public Health Agency of Canada
World Health Organization
Centres for Disease Control (CDC) – United States