“Don’t wait to buy real estate. Buy real estate and wait.” – Will Rogers, a veteran actor
Since Ages, One of the many admirable ways to increase wealth is investing in real estate and both in the present and past it’s always been glorified astute decisions taken when invested in the right place with the help of right people who are consistently doing best in this Business.
Whether you’re a Smart emptor, potential purveyor, Homeowner and real estate agent in another market a key to make a smart decision is to analyzing current market and impact that the Covid-19 pandemic has had on our real estate business and how it’s going to continue to have an impact on it throughout the remainder of this year and into next year.
As we sit here right now in June So in Mid-March the spread of the coronavirus caused the state of emergency curfews and stay at home directives to be putting in place for all non-essential workers and abrupt impact in the real estate market as we all hunkered down to stay in our homes and prevent the spread of coronavirus.
Now about 10 weeks later, we’re finally unwinding from that effect and in most major cities across Canada, the demand levels have returned to pre-COVID pandemic levels precise timing and duration of the recovery is highly uncertain because the Virus’s future path is not yet known.
Let’s look at the quick Market overview report from the Toronto Real estate Board (TREB),
Year-Over-Year Summary: Comparing to May 19 there is a -53% on total residential transaction downfall on May 20 but if we refer past month Apr 20 stats it was -67.1% so it’s clear that sales are gradually improving in coming months.
Though the volatility in Inventory still market is going steady, prices are going a little up and this June is going to be little busier than it was in May, there is going to be more sales available as the whole country, of course, Toronto starts to open up and more lives come back to a semblance of normal, not the way they were.
Condominium Apartment Rental Market:
- One and two-bedroom condominium apartment rental transactions were lower in May 2020 compared to May 2019 but still, it’s improving gradually. The number of one-bedroom rentals was down by 30.8 per cent to 1,290. The number of two-bedroom rentals was down by 26.7 per cent to 820.
- On Home sales, there was a spiking improvement in rental transactions between April 2020 and May 2020. The number of one-bedroom rentals, at 1,290, was well-above the 754 marks for April. Similarly, the number of two-bedroom rentals, at 820, was well-above the 489 rentals reported for April.
- On a year-over-year basis, average condominium apartment rents continued to be lower than last year’s levels in April. The average one-bedroom rent was $2,086 in May 2020 – down by 5.1 per cent compared to May 2019. The average two-bedroom rent was $2,740 in May 2020 – down by 5.6 per cent compared to May 2019.
Is it the right time to Buy and Sell?
A buyer can hold on for a little longer may be able to buy at a better price as this pandemic continues but for sellers, it all depends on how smart you strike a deal with the suitable buyer. If you need to take a lower price than you intended then you’ll likely find a buyer who’s looking for a real deal and us expertise in doing both a potential buyer who values your property and suitable seller who value you.