Ontario’s real estate is holding on to its reins tightly. Jolted by a sudden invisible enemy during the auspicious springtime, the property market in the city is fighting tooth and nail against the gloomy situation to turn the tide in its favor.
The nationwide curbs to control the spread of the pandemic has dented the real estate sector which was looking to grab a big catch this spring. While the government has listed real estate activities under essential services to prop up the economy, the results are favourable to say the least.
On a consolatory note, home sales in Ontario have seen considerable improvement in the past two weeks and real estate showings have improved, bringing to light the latent housing demand from prospective buyers. While open house tours by home buyers have been completely prohibited, real estate sellers have forged out a novel way of showing them to interested buyers.
Virtual open house tours
Realtors are now live-streaming open houses on their listings so that home seekers can have a tour of the property in real-time, have a detailed look at the features and exchange questions and answers while sitting at home.
Others are increasing their reliance on technology and digital media to continue their real estate businesses. Virtual 360-degree interactive tours and video walk-throughs are gaining credence among homebuyers who are happy to have a house tour without leaving their bed.
For buyers who are finalising a property and want to see a glimpse of their home in person are allowed only in vacant properties and for a limited number of people. While sanitization is compulsory, home buyers are not allowed to touch doorknobs or switches.
Real estate demand up with a slight increase in listings
The Ontario market is regarded as the hottest property sellers’ market in Canada owing to its gargantuan demand than its supply. Despite receiving an initial setback at the hands of the pandemic, real estate agents are pulling their socks up and working with homebuyers to showcase homes, albeit obeying social distancing measures. Clients that are in the middle of their home buying process are completing their transactions and taking keys to their new homes.
New home buying goals have erupted in the city as millennials are keen on cashing in on low-interest rates. Homebuyers who back-tracked earlier on buying a home due to high-interest rates have now qualified for mortgage and are fetching bigger and better homes. This has kept real estate prices in Ontario steady. Properties in some areas of Ontario have seen an uptick in prices with the average price surging 16.5% in March than what it was a year ago.
Through real estate professionals haven’t seen any panic selling activity, they expect that with the softening of the pandemic activity, there will be a surge in inventory and demand too within the Ontario real estate market.
Consumer confidence witnessed a dip in the real estate market in Ontario with business shutdowns and a slight spike in unemployment levels due to the restrictions imposed on the citizens. While experts reiterate that these measures are temporary and that the real estate market will jolt back to its pristine times, it is left for Ontarians to see how well they can tackle the coronavirus to see the good days again.