Since its outbreak in Wuhan, China in November 2019, the COVID-19 virus has wreaked havoc on the global economy and turned our personal lives upside down. The stock market has tumbled, travel has been disrupted, cities are on lockdown, and schools and businesses have closed.
Despite the viral outbreak, the COVID-19 virus has yet to have a major impact on the Canadian housing market. In fact, according to the Toronto Star, housing prices are continuing to trend up—14.5% year over year so far this month.
Lowered interest rates—The Bank of Canada cut interest rate for Canadians by a full percentage point earlier this month—have also added fuel to the spring real estate market, allowing new homebuyers previously sidelined by the 2018 Mortgage Stress Test implementation to have a shot at buying their dream home.
Lowered mortgage rates also offer a window of opportunity for homeowners to refinance and get a better rate or leverage their home equity to pay off debts or purchase an investment property.
Another benefit for homebuyers is that while some Toronto sellers are hesitant to list, others are accelerating their plans to put their homes on the market and are more flexible to offers.
Now that self isolation measures are in full effect and the Toronto real estate market has moved online, it’s crucial to partner with a realtor who knows how to leverage technology to sell your home. I am well equipped to help you sell your home in self isolation! I offer 360 home tours as an alternative to open houses and can easily help you sign and submit offers online.
If you’re hoping to tap into the Toronto real estate market but are unsure how to buy or sell in social isolation please don’t hesitate to reach out! It is my number one priority to ensure the personal safety of buyers and sellers and to keep everyone safe during your home search.
Call 416 903 7653 or email email@example.com