The coronavirus pandemic has unruffled the feathers of businesses across the world, taking economies hostage and putting mankind under the confines of their homes. Social distancing has become a norm, obliterating physical interactions, enabling us to stay connected only through our screens.
Businesses reeling under the impact of this sudden crisis, are back to the drawing board with an aim to rejig their work structures and enable business continuity. Technology has suddenly emerged as the saving grace as more and more companies are taking the online route to stay in touch with customers and keep themselves relevant.
Big asset organizations like real estate are undergoing structural shifts, equipping their businesses with technological hotshots like Artificial Intelligence, Machine learning, and Virtual & 3D tech, putting their entire operations online; a trend that is steadily gaining traction in Canada’s Real Estate.
Canada real estate market on a high
The real estate market in Canada is revisiting the market euphoria of 2016 when real estate sales reached an all-time high and properties in all of Canada, especially Toronto sold like hotcakes. Things have at last turned around and how for USA’s northern neighbor.
Canada’s real estate warmed towards the beginning of February 2020 and became piping hot at the end of the month when real estate sales rose 27% nationwide, hinting at the spectacular spring that Canada’s real estate is going to have.
Home transactions in Toronto and Vancouver rose 45.6% and 44.9% year over year. In the Greater Toronto Area (GTA), residential sales of properties furnishing a price tag of over $1M, grew by a whopping 107% over January and February. On the other hand, properties quoting prices of over $4M surged 75%.
Canadians, especially boomers and young executives have a particular affinity towards condominiums which is evident in its cities especially Montreal, Calgary and GTA witnessing new milestones in the condo sector. Strong population gains, robust labor market, and healthy economic gains bolstered the cause of Canada’s blossoming residential market.
However, despite a phenomenal start to the year, real estate market activity in Canada took a tumble due to restrictions imposed on its citizens and businesses nationwide to contain the coronavirus pandemic.
In response to the virus outbreak, The Bank of Canada squashed interest rates thrice last month. This development proved to be a blessing in disguise for buyers. Home seekers gained confidence in lapping up homes taking advantage of the low mortgage rates.
Real estate experts also seem to play down the slump as they feel that the burgeoning demand for homes prior to the pandemic will continue. Also, even amidst a global pandemic, there are buyers who want to buy and sellers who want to sell.
The government of Canada has also declared recently that some essential parts of real estate like land registration services, real estate agent services and loan financing services will continue delivering their services.
Tech to keep the real estate boat sailing
In the age of social distancing, realtors in Canada are harnessing technology and parking their services online to minimize physical contact. Everything from floor plans to panoramic views of the property and video tours are offered to buyers to get a good feel of the property before making a deal.
And with isolation measures getting stricter day by day, serious home seekers are venturing into the online space to get a taste of a new real estate experience. And real estate businesses are leaving no stone unturned in cashing on this fundamental shift with attractive deals and discounts.
Real estate businesses in Canada are leveraging AI, 360 Virtual Reality Video tours and 3D visualization to create an immersive, interactive experience for home buyers. With Virtual Reality tours, buyers can enjoy a digital walkthrough of the property and feel as if they are present on the site themselves.
3D visualization allows buyers to comprehend the architecture of the property to the minuscule. With photorealistic and stunning visualizations, real estate owners in Canada are pulling customers and driving sales.
In an effort to boost paperless transactions and minimize physical meetings in this critical time, realtors in Canada have resorted to new post-sales modules where customers can submit online applications along with digital signatures for property transactions. These modules are encrypted with tamper-proof seals and audit trails.
Screen-to-screen meetings with real estate agents through digital interactive mediums like Whatsapp, Skype and Zoom have gained prominence during this period of social distancing in Canada.
Technology has become a beacon of hope for real estate businesses in Canada to keep the spring market blossoming and red-hot. Bidding wars will continue as more and more customers buy this technological experience to make property purchases. And real estate developers will have a cushion to fall back upon in case such crises emerge in the future.