“Sometimes life seems a dark tunnel with no light at the end, but if you just keep moving forward, you will end up in a better place.” – Jeffrey Fry
Almost four months since the COVID-19 pandemic-induced freeze gripped the real estate housing market in the Greater Toronto Area, it seems the thawing has started. The activities in the market is picking up quite a bit, significantly too and the results very surprising to many with heads spinning in some quarters. One may be wondering, are we completely out yet or that nothing really happened? May be not since cure has not being developed unless God completely erases the virus miraculously.
There are some crucial activities that we have to look out for in accessing where things are going. These activities are listings (supply) and showings (demand). Regardless of the number of listings, the demand for housing is there and consumption alarming.
As we exit COVID-19 lockdown, some people are not in tune with what is the state of the housing market. Some think the market is dead based on what the doomsayer media is churning out. But the opposite is the case as they are proven wrong.
Various reports and indicators out there are alluding to the positivity on getting there yet really. Broker bay, a real estate facts gathering establishment, has been tracking daily showings and offers in the Greater Toronto Area and the results show how busy the market activity is with respect to supply and demand. In a nutshell, number of showings are now similar prior to the lockdown and one of consequences is that we are in the Seller’s market with limited supply and multiple offers in most neighbourhoods.
Some news headlines are being reimagined as several news positions are being shifted. You know what exactly it is, the truth is, no one knows exactly what’s going on. Speculations here and there. Even the professionals being looked up to are not sure. Their predictions are being proven wrong.
Here’s what we know. Things aren’t going to be normal as businesses begin to open up. No doubt that some real estate dependent businesses, for example tourism and cities that depend on it, will take time to recover. As Vanmala Subramaniam puts it, “Canada’s most expensive cities may be on the brink of fully reopening, but when it comes to their residential real estate markets things are a long way from normal.”
While the market is gradually returning, caution is now the watchword as the activities of the real estate are carried out. Taking a prospective buyer or renter for home showings come with safety concerns. Homes are sanitized, both Sellers, landlords, buyers and tenants all respecting and abiding by the COVID-19 health and safety measures including but not limited to social distancing, donning masks, etc. while walking through homes. In most cases, the “showing agent will be required to sign a COVID-19 Acknowledgement form on this appointment. They will not receive the confirmation until they have signed. Regardless of the restrictions, the activities are back. No more sitting on the sidelines. Just list your homes if you want to sell and keep seeking out deals if you are out there shopping for your dream home or investment property.
Welcome back.
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Steve Ezeude is a Real Estate Broker with Royal LePage Signature Realty. For questions and/or feedback, please send email to stevez@royallepage.ca or call 6478608304. www.mitorontohomes.com
