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Real Estate home prices across the Niagara Region hold strong amid concerns of COVID – May 16, 2020

May 17, 2020

Forbes Magazine put out an article “Why Now may be the perfect time to buy real estate?” There isn’t always a correlation between a recession and a housing crises. Everyone needs a place to live so we can’t assume that because of Covid 19, housing prices will fall. The housing market is strong and resilient. In previous recessions, housing prices have in fact, increased or remained steady. Forbes predicts that housing values could result in a significant drop in the short term in the markets that are overly inflated.So Rob thinks that this may be true for Vancouver and Toronto. The rest of Canada should be fine and continue along and not be affected too much. This seems to be true so far. This current real estate market is a perfect opportunity for millennials and first time buyers to get into their first home. The reason they haven’t purchased yet is because they were either outbid out of the market and there was too much competition for them. These types of buyers usually need to add more conditions to the offer to secure the deal. Right now, the buyer pools are so small and so is the inventory…but if they can find a great home, competition is low. We are not experiencing those multiple offer situations like we were at the beginning of March. Now there’s a great opportunity for those buyers to get out in the market and find something and prices are holding strong but they are not rapidly increasing like we expected them to. We as realtors are seeing “At Asking” offers and people have the opportunity now to negotiate but the prices are still slowly trending upwards. Through covid, people have waited and now they are tired of waiting. If they had a plan before covid to sell their homes, now our phones are busier and they are looking to sell and don’t want to wait anymore. People just want to get on with their lives. For sure in May, you will see a bit of a jump in the real estate market. Their are many sellers that will put their house on the market in the near future that have been waiting to do so. The average Sale price of homes is holding strong across the whole Niagara region and we will bounce back from this.

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