Toronto’s real estate market was well set to cruise through the spring season. The property market witnessed green shoots of recovery with spectacular home sales at the start of 2020, toeing the positive predictions of real estate experts. The smell of spring had put real estate developers across Toronto on a high pedestal of optimism.
But the pandemic scare taking center stage in the city with widespread lockdowns doused the optimistic flames of the real estate market in Toronto. Home sales slowed down, and listings took a nosedive. The initial impact didn’t last long though as pent-up housing demand in Toronto city came up to the fore.
People in need of homes are still on a quest, albeit obeying social distancing measures. The seriousness for home buying is palpable with new immigrants, family formations, divorces and job relocations contributing to the clamor for homes.
With interest rates slashed by the Bank of Canada as a cushion measure to sustain the economy, home seekers are upbeat about making the best of this short-lived opportunity. The demand for housing has shot up even more owing to homebuyers getting qualified for bigger homes with better features due to the drop in mortgage rates.
Virtual home tours replace physical visits
With the fear of contamination getting on people’s nerves, the real estate industry in Toronto which includes buyers and sellers, has halted physical home tours and open houses; and instead, put their bet on virtual home tours to warm up the homebuying season.
Homebuyers have welcomed this initiative of home-hunting with 3D virtual tours from the convenience of their couch, aimed at keeping home buyers safe from contamination.
According to a report, an increase of 200-500% in requests for virtual home tours have been recorded in the past few weeks. Real estate developers reiterate that as the pandemic sweeps across the city, the transition to digital and virtual platforms will achieve mandatory status. Real estate agents in Toronto are taking the help of real estate sales software and architecture visualization tools to make sales virtually.
Through these virtual tools, home seekers can extract the same user experience as being in a physical site. They can compare floor plans, filter selections by size and see properties in a 360-degree fashion.
Toronto home sales see improvement
Toronto home sales took a plunge in the initial weeks of the coronavirus spread. However, by virtue of virtual home tours and digital home buying apparatus coming into play, housing figures have started going skywards in the business capital of Canada.
Real estate developers say that home listings have improved on various online portals as sellers look to cash in on the virtual medium to sell their homes. This has improved the picture of the real estate market in Toronto.
Luxury homes sell like hot cakes
The unfolding of the virus pandemic couldn’t make a dent though in the luxury real estate market, as condos fetching price tags between $1.9 and $9 million got snapped up by premium buyers in the city. These condos come with excellent locations, luxurious amenities and opulent designs,
Experts say that strong underlying demand for premium housing, shortage of inventory in the market and low-interest rates have spurred the demand for luxury housing. It is believed that this upswing in condo activity will continue in the following months as investors seek to diversify from financial assets.