COVID has hit like a wrecking ball, slowly making its way across borders. Social distancing has us all pressing pause, letting go of priorities in favour of time spent indoors, connected only though our screens.
Alas, in the real estate market, even amid a global pandemic, there are still sellers who need to sell, and buyers who need to buy.We're All In This Together - RE/MAX Canada
Lucky for us, in this age of technological glory, real estate agents have access to some great solutions to ensure that processes remain safe, and transactions can continue to take place. Finally, a silver lining to COVID mark on the markets: if financially possible, it can be a great time to buy a home with interest rates being the lowest we have seen. In response to the viral outbreak, banks worldwide have been cutting interest rates.
The Bank of Canada cut the interest rate for Canadians by a full percentage point earlier this month. As a result, prospective home buyers looking to get a mortgage can now expect to borrow at a decreased rate. With fixed term mortgage rates also on the decline, home buyers have the flexibility to borrow more and aim for a higher home price or get a better mortgage rate and have less expensive mortgage payments.
So, with buyers in a good position to buy, how are real estate agents helping to make home sales happenparticularly in the wake of temporary social distancing? Big advances in technology have ignited a fundamental shift in the real estate industry, and it is now easier than ever to gain a wealth of knowledge about a home, condo, townhouse or any listing from the online listing alone.
Floor plans, detailed descriptions, panoramic pictures, and video tours allow the buyer to get a good feel for a home, before ever setting foot within the property. With a greater segment of the population glued to their screens during isolation measures, there could be a marked increase in recreational and serious buyers browsing the online marketplace.
Agents will be ensuring more than ever that their online listings are as detailed and alluring as possible. More agents are working with photographers specializing in home video tours as a way to create an immersive experience for the home buyer.
By helping to bring the property listing to life, buyers like that they can get a feel for the space without being there. A good virtual video tour is navigable, interactive, and controlled by the viewer. The resolution should be high, and the control tools should be intuitive.
The ultimate goal is to replicate the experience of walking through each room, in person. There are a number of downloadable apps available, allowing signatories to sign a PDF or word document directly through your phone or tablet. Many of which real estate agents are already using to facilitate real estate deals. Limited contact, limited paper. Online signing methods can be encrypted with a tamper-evident seal and audit trail. This ensures the legality of the signed documents and allows you and your agent to view what was signed, and when.
While face-to-face contact is challenged during the period of social distancing, there are other ways to maintain a personal connection with your agent. Video calling tools such as FaceTime and WhatsApp, can help mimic a meeting with your agent more effectively than a phone calland can also prove to be useful if you wish to view aspects of a property not shown through the listing.
In the meantime, with a little bit of creativity, real estate agents can maintain their commitments to their clients, in a way that keeps all of our communities safe. A home is the biggest transaction most of us will ever make. View Larger Image. Great News for Buyers Finally, a silver lining to COVID mark on the markets: if financially possible, it can be a great time to buy a home with interest rates being the lowest we have seen.
Leverage Technology for Real Estate! These tools will help the real estate market move online, at least until isolation measures have passed:.
Screen-to-Screen Selling While face-to-face contact is challenged during the period of social distancing, there are other ways to maintain a personal connection with your agent.We know this is a trying and stressful time for all of us in Canada. Things are changing almost hourly with government recommendations at the federal, provincial, and municipal levels. On remax. Rest assured, while we remain open for business, our agents and brokers are taking all necessary precautions as recommended by the various health agencies and government.
We are all in this together and remain committed to keeping you and your loved ones safe. Nothing is more important right now than the health and safety of our colleagues, clients and fellow citizens across Canada. Check our blog frequently for our updates on how this situation is impacting the real estate market, and we will continue to be here to answer your questions and serve your real estate needs.
A home is the biggest transaction most of us will ever make. View Larger Image. To our valued customers and real estate consumers, We know this is a trying and stressful time for all of us in Canada. This includes virtual tours of the home or digital presentations. Facebook Twitter LinkedIn Pinterest. Related Posts.Buying or selling a house is a big undertaking under normal circumstances, let alone in the midst of a pandemic.
For more information, click here. In response to this, Canada Mortgage and Housing Corporation CMHC and other mortgage insurers offer tools that can assist homeowners experiencing financial hardship at this time. We encourage you to talk to your bank if you are under any sort of financial strain. In its latest scheduled interest rate announcement on March 4, the Bank cut its rate from 1.
The Bank followed up with an unscheduled announcement on March 16, announcing a further reduction in its key interest rate by a further 50 basis points to 0. On March 27, the Bank again cut its rate by another 50 basis points, to 0. For more information on what the Bank of Canada is doing, click here. The First Time Home Buyer Incentive was implemented in September to help qualified first-time homebuyers reduce their monthly mortgage payments without adding to their financial burdens.
The incentive is a shared-equity mortgage with the Government of Canada and offers a number of different options for first-time homebuyers.
This will allow stable funding to banks and mortgage lenders that will help ensure lending to continue to Canadian consumers and businesses. For more information on the Insured Mortgage Purchase Program, click here. Some Canadian cities are allowing property tax deferrals, such as TorontoOttawaGrand Prairie and more, while other cities are considering similar action. These decisions are being made at the municipal level and things are changing daily. We recommend visiting your municipality online to determine if your upcoming payment can be put on hold without repercussion.
Ontario is eliminating mid-peak and on-peak electricity rates giving residents who have been forced to stay home due to COVID the lowest rate available off-peak all day for 45 days. The lowest electricity rate is also being extended to small businesses and farms. For more information on the Ontario hydro rates, click here. Some major telecommunication companies, such as Telus and Shaw, are changing their phone and internet plans and adapting amidst the COVID pandemic.
The Shaw website notes that they do not have data caps on their internet plans, allowing you to keep kids entertained and work from home without having to worry about data caps on your internet.
The CRA has announced that there are new tax filing and payment due dates. The new due date for filing individual tax returns has been extended to June 1 st Taxpayers will have until September 1 stto pay any income tax amounts owed. For more information regarding the new dates for filing taxes, click here. A home is the biggest transaction most of us will ever make. View Larger Image. First Time Home Buyer Incentives The First Time Home Buyer Incentive was implemented in September to help qualified first-time homebuyers reduce their monthly mortgage payments without adding to their financial burdens.
Property Tax Deferrals Some Canadian cities are allowing property tax deferrals, such as TorontoOttawaGrand Prairie and more, while other cities are considering similar action. Hydro Pricing Reductions Ontario is eliminating mid-peak and on-peak electricity rates giving residents who have been forced to stay home due to COVID the lowest rate available off-peak all day for 45 days.
Facebook Twitter LinkedIn Pinterest. Related Posts.Most individual markets surveyed across Canada experienced moderate price increases year-over-year from to As more Canadians have adjusted to the mortgage stress test and older Millennials move into their peak earning years, it is anticipated that they will drive the market inparticularly single Millennials and young couples. The low absorption rate is expected to bring down average residential sale prices in by three per cent.
Similarly, the number of sales year-over-year has dropped by 33 per cent in Kelowna. Rising interest rates, government policy changes and the mortgage stress test were all factors that contributed to the decline, which is expected to continue into On the other hand, Winnipeg has shown a small increase in average residential sale price, both for freehold and condominium properties, by 1.
The number of properties sold also increased by five per cent, from 8, in to 8, in Immigration to the city, in combination with reasonable prices and ample supply of inventory, is expected to drive sales going into Regina also saw the number of properties sold increase by more than five per cent year-over-year, despite being one of the few markets where the effects of the mortgage stress test are still being felt.
Regina, Sask. Winnipeg, MB. Toronto is set to experience a strong housing market in Lower unemployment rates, economic growth and improved overall affordability in the Greater Toronto Area are expected to drive the market forward. The city saw 76, properties sold inup 12 per cent from 68, Buyers are also not burdened by the mortgage stress test, as they were in Value-conscious consumers from the Greater Toronto Area are buying in droves, with many choosing to live in the region while commuting to Toronto.
Regional housing market insights: Windsor, Ont. London, Ont. Niagara Region, Ont. Kitchener-Waterloo, Ont. Hamilton-Burlington, Ont. Oakville, Ont. Mississauga, Ont. Toronto, Ont. Brampton, Ont. Barrie, Ont.Between February and March, residential real estate sales in Canada fell by On a year-over-year basis, transactions were up 7. Realtors have been following social-distancing measures as advised by government and public health agencies, assisting those who are already in the market view homes and complete their transactions virtually.
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Preliminary data from the first week of April suggest both sales and new listings were only about half of what would be normal for that time of year. New real estate listings hitting the market were down month-over-month in March Similar to sales activity, the decline in listings was experienced in virtually all markets across Canada. CREA reports 4. View Larger Image. Year-Over-Year On a year-over-year basis, transactions were up 7.
Facebook Twitter LinkedIn Pinterest. Lydia is responsible for the creation and curation of content that informs homebuyers and sellers, and empowers them on their journey.
Lydia has been published nationally on topics ranging from real estate, architecture, decor and design, to finance, business, technology, entertainment and lifestyle. Email Lydia at lmcnutt remaxintegra.
Related Posts.Zillow is the leading real estate marketplace dedicated to helping buyers and sellers find information and inspiration around the place they call home. Zillow Canada listings feature property photos, listing price, neighborhood maps, upcoming open houses and nearby homes for sale.
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Find your next home on Zillow. Toronto real estate. Vancouver real estate. Ottawa real estate. Calgary real estate. Edmonton real estate. Kelowna real estate. We make it easy to find a home you'll love. Search by postal code, neighborhood, city, province or a custom area using Zillow's map-based search Narrow results using comprehensive listing filters Browse and share homes easily with Zillow's mobile app Save searches to receive alerts about price changes and new inventory Connect with a local real estate agent.
Get all the listing details you need. Look for more features coming soon! As we expand our Canadian listings inwe'll have even more to offer.Establishing the right asking price is critical to the home selling process.
Keep in mind that this is only a starting point as estimates vary greatly across national AVMs.
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An AVM is a computer-generated algorithm that uses historic, public sales data and trends to estimate a home's value. Typically, national AVMs are not a good representation of a home's actual value and have a large margin of error. The values generated by AVMs are based on automated computer modeling from public records and may not represent the true value of the home as they cannot take into account the nuances of our local market. This report is personally prepared to give you a clear understanding of competing properties, market trends, and recent sales in your area.
A CMA is a free report prepared personally by one of our agents that compares your home to similar properties in your neighborhood that are currently for sale or have recently been sold. By taking into account certain aspects of a home that may affect its value and marketability, including market conditions, location, and the home's amenities and overall condition, our agents are able to better assist you in determining the value of your home.
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