Last year everyone predicted another excellent year for Toronto’s real estate market. The beginning of 2020 supported that thesis as the market was steaming ahead on all cylinders. Then came the COVID-19 pandemic, and all went down the drain.
Quick forward to the final days of summer 2020, and here we are – the virus is still among us, yet there is an overwhelming feeling that we will manage to get out of its clutches somehow. Much of optimism is based on the fact that there are several promising vaccines in development.
That made real estate agents and agencies such as Condo Mapper to start thinking ahead when the coronavirus pandemic ends. A recent report produced by ReMax Canada provides some interesting insights into the matter. This report is based on the survey that they ordered and Leger conducted that.
Here are some of their really important conclusions.
There is growing optimism among Canadians that the Toronto real estate market will recover very fast. 44% of the Canadians that were part of this survey affirmatively answered that the real estate market would bounce back in less than a year.
By all accounts, that’s an amazing level of optimism because most real estate experts and analysts predict that the recovery will take greatly longer.
What’s even more fascinating in the report is that 44% answered that the Toronto real estate market would be back to its pre-pandemic strength before 2020 ends. Now that’s beyond optimistic.
In any case, it is great news to learn that there is an overwhelming optimism among the people that drive the real estate market. At the same time, it is fair to note that the real estate market in Toronto has proved to be quite resilient flat during the hardest months of the pandemic with all the restrictions in place.
New Technologies in Real Estate
The real estate industry had to undergo a range of changes during the pandemic so that it stays afloat. That included integrating several technological solutions that made the industry going while everyone was safe, both the clients and the real estate professionals.
Almost 46% of all participants in the study answered affirmatively that they prefer to use those same technological solutions even in the post-COVID-19 era. The said that they liked the virtual open houses and integrated 3D home tours. Furthermore, they said that when given a choice, they would always choose to work with real estate agencies that implement such technologies.
The shift towards digitalized house buying, virtual meetings as opposed to in-person meetings, the usage of e-signatures, and digital paperwork are already very popular across the world, not just in Canada. It is a trend on a path to additional growth and one that will be accepted as the new normal by every competitive real estate agent.
The market will bounce back for sure, but the real estate industry will never be the same. Consumers have discovered a new way of doing business, and that resonates with them. Even when a successful vaccine is released, some of the current trends will surely remain.