Real Estate News For March - COVID-19
Writing a roundup of real estate news invariably involves projection. Always trying to look forward and see how the market will shift, and give our customers the best advice on what to do with their property searches—but this month, the theme of the news is definitely one of uncertainty and calls for stability.
The Effect Of COVID-19
Even the most enlightened forecasters would tell you—we don’t yet know how the Coronavirus pandemic will impact housing or even the Canadian economy as a whole. However, the BC Real Estate Association has produced a report which should shed some light on what we can expect.
They’re predicting a sharp decline in housing sales, fueled by an “unprecedented paralysis of economic and social activity”, as well as a more muted recovery when the crisis is resolved. To combat this, the BCREA called upon the government to provide financial aid and stimulus to both homeowners, buyers, and renters.
Open Homes Are Now Closing
Another knock-on effect of the Coronavirus pandemic has been the move away from group meetings and even small-scale gatherings—predictably this has also seen a drastic change in the way open houses operate.
Across BC, companies are cancelling open houses and looking to find new ways, such as virtual tours, to connect properties with buyers. For those that do remain open, we’re seeing increased personal hygiene measures and strict limitations in place.
If you’re facing uncertainty in the property market, there’s no substitute for the expertise and guidance Jack Barker real estate can provide, to find out more, get in touch with us today.