There is no doubt that the COVID 19 pandemic has changed all kinds of aspects of our lives, everything from how and when we shop, where we work, how children attend school and even where (if) we take a summer vacation.
The real estate market has changed as well. At the beginning of the pandemic, and the government response to it, the Ontario real estate market, predictably, flattened.
The Canadian Real Estate Association (CREA) confirms that May 2020 recorded the lowest volume of sales in May since 1996. Despite the significant drop in sales volume due to the pandemic, though, national home prices remained relatively stable.
Things started to pick up again in May: more buyers resumed their home searches, and more sellers began to list their homes. With more home buyers and sellers hopping off the sidelines, the Canadian real estate market in general, and the Waterloo Region real estate market specifically, are making a steady comeback.
Is This Really the Right Time to Buy or Sell a Home?
For those considering buying a Waterloo Region home odd as it may sound at first, yes, this may well be a great time for you to buy a home. With interest rates at historic lows, if you are able to buy and hold a home for the medium to long term you will still be making an excellent investment. And sellers? These buyers need homes to buy!
When it comes to the Waterloo Region specifically there are some things about the region itself that make it better suited to the new normal of pandemic living.
The standards being put in place for the return of children to schools are some of the highest and best thought out in the country (we’re speaking as local parents here) As people avoid gyms the region’s vast open spaces and beautiful parks offer recreation and fitness opportunities that allow people to get in a great ‘workout’ without ever going near another soul. And the ‘big city amenities, small town feel’ that the Waterloo Region was already famed for makes it even more appealing now.
Is It Safe to Buy a Home Right Now?
Perhaps the one thing holding you back from buying or selling a Waterloo Region home is wondering if it’s safe to do so. And that is understandable, especially as so much about life is uncertain right now.
At Team Pinto, we are adapting, and adapting fast, to this new normal in order to serve of clients in the best, and safest way possible. Here are just some of the ways we are proactively ensuring that you enjoy the safest, more efficient and effective real estate transaction possible:
Everyone is Zooming these days, and we are no different. We understand the desire to limit contact with strangers at this time, and so we are happy to offer an initial free consultation via Zoom. In this meeting we can discuss your real estate goals, what we can do to help you meet them and how we can ensure that every aspect of the transaction is undertaken as safely as possible.
Showings are perhaps the thing that is unnerving would be home buyers or home sellers the most. At Team Pinto we are doing everything that CREA and the government advice during this pandemic …and more. This includes:
- The wearing of masks at all times; during showings, during discussions, during any in person meeting. We also insist that all parties present do the same.
- Asking buyers and sellers to sign COVID-19 declaration forms prior to any showings.
- Helping sellers who are occupying their homes for sale ensure it meets proper sanitary conditions during showing times.
- Ensuring vacant homes for sale are properly cleaned prior to any showing. Lights are left on (to minimize surface contact) and all doors are opened with gloved hands.
- Ensuring proper 2m social distance is maintained at all times.
- Accommodating clients to provide as many services virtually as possible.
These aren’t easy times, but if you were intending to buy or sell a Waterloo Region home before the pandemic hit it’s likely that those reasons you have for doing so are still valid, so with the proper care and caution in place you can still move on to the next exciting chapter of your real estate journey. And if the new normal way of living, and the lowered mortgage interest rates, have only recently seen you consider making a property market move the same is true too.
Ready to make a (safe) move in the Waterloo Region property market? Contact us today to discuss how we can make it happen for you.