Where is the real estate market headed?
This question is a hot topic at the moment and seems to be one of the most asked questions that mortgage agents, brokers, and real estate agents have received in the last few weeks.
On one hand, there are some reports that show a very grim outlook and others show that things are still in hot play when it comes to the market.
There are many agents saying the same thing; multiple offers are still happening. For example, this week a property in Brantford had 17 offers in one day. The market cannot be doing that awful when you look at these multiple offers that are still happening amidst COVID-19.
Despite the current economic chaos caused by COVID-19, home prices in the Greater Toronto Area are up slightly from this time last year, as reported by the Global News and although home showings are now taking place under very strict rules, it’s easier than it was under the total ban during March and April.
The extremely low-interest rates are one of the biggest reasons that people are wanting to buy now with some home buyers able to get a rate of 2.34%. This is ridiculously low, so people should take advantage.
No one can predict what can happen in the future, especially in this pandemic, but for right now, things are looking pretty steady.