How Is The Coronavirus Pandemic Affecting The Real Estate Market Of Canada
The coronavirus pandemic has affected a lot of markets in Canada, and one of the hardest-hit industries is the real estate market.
Since the pandemic, the real estate market of Canada has seen a lot of effects, which includes sellers, who have decided to put their listings on hold, and on the other side, buyers have stopped lurking over houses.
Because of how the coronavirus has affected the economy of each country, buyers and sellers are having anxiety.
Not only that, but the social-distancing measures have also caused fewer people to open up their houses for potential buyers.
John Leusink, the president and a real estate broker at the Right at Home Realty, said:
“While almost all real estate brokerage firms have embraced digital tech and realtors are able to utilize signature platforms and other tools to conduct business, once showings, open houses and other in-person business is restricted, there will definitely be a drop off in transactions. We expect to see a drop in sales but this will take a month or two to filter through into the actual results.”
Also, buyers and sellers have placed their plans on complete hold.
During an interview with Steve Saretsky, a realtor and author of real estate blog Vancity Condo, said:
Obviously there has been an immediate pause in market activity as everyone tries to figure out what happens next. We are seeing buyers move to the sidelines and sellers put some of their listing plans on hold.
All these things lead to one thing, and that is fewer sales or even no sales in the upcoming days, weeks, months, or if things get extremely worse, years.
Sellers and home buyers will only start to enter the market again once things get cold or once ta vaccine or cure comes out for the coronavirus.
Until that, we need to wait.
Why GS Mann?
GS Mann, the best Calgary Alberta real estate agents and Calgary commercial real estate broker in Calgary, Canada, understands that safety is your number one priority right now, and that’s why we offer our services in ways that we can help you buy houses or sell houses during this pandemic. Our expert staff can help you buy and sell a house during this pandemic in the safest and most efficient ways. We are currently offering virtual tours and house buying services. To know how we can help you, contact us on the number below!