Should you buy or sell your home during a pandemic?
This question is on the minds of many as cases of COVID-19 continue to increase in the region.
Peggy Hill with The Peggy Hill Group says yes.
“We sold over 50 homes this month, just this month,” said the estate agent with almost 20 years of experience.
“We usually have a hundred ads, and that doesn’t change. Everything is still moving. We just have to get used to this new normal, ”she adds.
Venturing out to see an open day in today’s new normal is not exactly a typical weekend outing.
Real estate agents are now taking extra precautions to keep everyone safe, including wearing masks and gloves, and even screening potential buyers before an exhibition.
“We encouraged our vendors to leave the lights on and the doors open. That way, there is little contact with anything, and they wipe away just after people are gone. “
Hill adds that this is also a good time to buy, as some variable interest rates are less than 2%.
But because of COVID-19, the construction of a new house after April 4 has been postponed by the Ontario government, and now there just aren’t enough signs for sale on the lawns.
“We find that our inventory is so limited,” says Hill. “Everything we currently sell is sold in multiples, so there is more than one offer per person. “
According to the Business News Network, Canada Mortgage and Housing Corporation predicts prices will drop 18% across the country.
But that may not be the case for Barrie and Simcoe County.
Barrie and District Realtors Association (BDAR) statistics show that due to COVID-19, sales are down approximately 55% from April 2019, while home prices are down rise.
In Barrie alone, single-family homes rose 6% while house prices averaged about $ 580,000.
Robin Jones, president of BDAR, says the price increase can be attributed to demand in the region.
“We get a lot from our buyers in the Greater Toronto Area,” she says. “We still have a lot of internal people who want to move, downsize and sell. We have a large aging population that is also looking for downsizing. “
Currently, there are around 300 detached houses on the market in the area.
Homes with a value of less than $ 650,000 are the most in demand; a trend that continues in Simcoe County.
Jones says we should see high housing prices over the next three months.
“I think a lot of people expect the rest of the year to make up for the two months of release. “
According to the Southern Georgian Association of Realtors, a number of sales have also dropped nearly 60% to the lowest level since 1995.