Coronavirus Update: Covid-19 Latest Impacts on the Toronto Real Estate Market 🏡😷 | Top Reviewed Toronto Real Estate Agent

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Coronavirus Update: Covid-19 Latest Impacts on the Toronto Real Estate Market 🏡😷​

There has been a significant decrease in the number of buyer showings this week, especially after our government mandated for a 14-day stop on non-essential businesses (click here to read that article). 
 

There are new property listings coming out every single day.
A large portion of these new listings are sellers who need to sell their home in order to cash out their equity - and they need to meet a specific closing date. Often, these homeowners already bought a home first, over the past month, and they now need to sell their current home to meet a certain closing date. A lot of these closing dates are coming up in April, May or June.
 

Do you see the opportunity here? 

Think about it.
Someone needs to sell a property by April, May or June AND there are a lot fewer buyers who are shopping for a property right now. Do you see a window of opportunity for buyers over the next week or two? I do. Especially for those that are shopping for an investment property, or those that are shopping for a home in the entry-level to mid-range pricing. 

Is it safe to see properties during this time?

There are a number of mandatory health and safety protocols that real estate agents and their clients must meet, in order to book showings (view them @ 1:00 minute in the video above). There are always risks involved. I encourage all clients who are actively selling or buying to adhere to government health & safety guidelines to help make an educated decision themselves.

If there is anything at all that we can help with, please contact Karen 🏡

Thank you for watching!

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Full Video Transcript:

Hey guys, it's Karen from Toronto here.

Just wanted to give you guys a quick update.

So it is Thursday, March 26th, and I'm a few minutes early for a buyer showing.

So here in the Greater Toronto Area (GTA), real estate is still being practiced. There are new listings coming out every single day and we are still working with buyers and taking them out on showings.

Now, I've noticed a trend happening over the last couple of days and I think this trend might lead to an opportunity for certain buyers that might be looking to purchase in the next month.

Now, I do want to put a disclaimer out there that there are a number of health and safety protocols that us real estate agents and our clients must follow. I'll sort of list them here now for you (view video footage for the list). And I will say that, you know, even if you meet all of these protocols and criteria in order to go out on a real estate showing, if you don't feel comfortable, you know, seeing properties in this, you know, under these circumstances, that's very understandable. I respect that. And I think in that case you should continue staying at home. And everyone should just continue doing what they feel is most comfortable while adhering to all of the health and safety protocols that are issued by their local government.
 

So in any case what I've noticed over the past few days is a number of listing agents have been contacting me for showing feedback. So they would call or text me asking how the showing went, trying to encourage an offer.

Now that kind of communication only happens when a market is slowing down all of a sudden.

And you know, the GTA was in a very hot seller's market, especially over the start of this year.

And so I think what happened over the last few days, especially since our government announced the closing of non-essential businesses on Monday evening, I believe there's been a lot fewer showings happening. And so there are certain people that are listing their property right now who have to sell and I've noticed a number of listings right now they are coming out and they are requesting very specific closing dates. Whether it's in April, May or June. So these people who are selling their property, they need to cash out their equity and meet a certain closing date. And so this is why they are listing their property now instead of waiting, you know, waiting until all of this has settled down with the covid-19. 

And as I see these properties coming out with specific closing dates that need to be met, if we combine that with the fact that there's a lot fewer buyers who are actively seeing properties right now, that opens up the door to get in and perhaps negotiate a good deal, as a buyer.

So just something to keep in mind if you are an active buyer, especially those that are looking to purchase at an entry-level price point to about mid-range.

If you guys have any questions at all, feel free to reach out to us. I'd love to help you out. My direct line, I will put it over here.

And of course, if you guys have any feedback or comments, I'd love to hear them.

I hope everyone is doing well and keeping safe and healthy.