WOW! What a strange time for everyone. It’s amazing how this pandemic has affected each and every person in some negative way. When it first hit, all seemed lost and we were heading down an abyss. By May of 2020 it appeared that people were getting restless and wanted to get on with their lives.
Prior to the onset of COVID-19, the real estate market was in full swing and the spring market — the time of year when the highest number of both buyers and sellers are active — was looking very good, especially for sellers. What happened next was like walking around a blind corner and getting hit in the face with a sledge hammer. No one saw this.
As of May 2020, real estate agents who weren’t going to wait this out, decided that virtual showings were the way to go. It was a great revolution of how we normally did business and many buyers and sellers were on board. We adapted for our clients.
The original reason that the government considered real estate as an essential service was for deals that were already in place or sellers who had bought and needed to sell. This is how the real estate market stayed afloat.
Come June of 2020, people were getting much more comfortable getting out in the public with precautions in place. This translated into the real estate market where people were now showing homes again in person. With masks and gloves, and a limited number of people in the homes, COVID forms signed, the market began again.
With low interest rates and a multitude of buyers, Toronto still had limited supply. My feeling is that a lot of the buyers entering the market had just spent four months analyzing their current living situation with a microscope. Many needed and wanted a change. Combine these buyers with those who needed to buy and you can imagine the onslaught.
The market has been extremely active since June. Some say it’s a late spring market, I say there are no markets and no calendars in 2020! It is what it is and I say just go with it.
I usually can confidently tell you how the year will pan out month by month. Now I don’t know what next week will be like.
I look forward to getting back to even a little normalcy.
If you have any questions regarding the real estate market, I’m here to assist you. </>
Please see Jeffrey Wagman’s accompanying advertisement. If you are a home buyer or seller, please consider supporting a fellow club member and loyal Provinz advertiser. —Ed.