How COVID-19 Has Changed the Face of Real Estate
Wednesday May 13th, 2020
Social distancing has changed the way we Canadians are conducting our day to day lives. Many of us have suffered lay offs or have been sequestered to working from home. Real Estate has also had to cope with the new normal that a pandemic has brought fourth.
The days of going into meetings, meeting clients and open houses seem they are far behind from us, however in reality early March 2020 it was business as usual for agents and clients as Toronto was witnessing increased sales and higher prices.
Many of us speculated that social distancing measures for real estate would be temporary, especially in a low-interest rate environment. However April 2020 saw a dramatic decrease of sold homes. As per data collected by the Toronto Real Estate Board over the same period in 2019, sold homes has decreased over 65 per cent. The average selling price has decreased by 1.5 per cent respectively.
It’s extremely difficult to set an accurate timeline as to when the real estate market will begin to gain traction again, in the mean time there are other ways of showcasing inventory and communicating with clients.
Virtual showings are becoming more readily available which have taken the place of open houses. It’s easier than ever to submit forms and offers to agents and cooperating agents without even having to meet in person with a client. Being tech savvy is always a bonus but the systems in place have made it relatively easy for someone to navigate without having to be a computer whiz. This may all become the new normal going forward, we’re all in this together to find that out.