While the Ontario Real Estate Commission called for the closure of sales offices as the province and the world deal with the coronavirus pandemic, it continues as usual for developers, real estate agents, and buyers … but with a change.
With advanced technologies like the chat messages, video calling apps, phone calls, emails and meetings, GTA-Homes has continued to help customers and clients by moving everything online completely. The need for housing will still be and will always be a key service, so many are moving forward with their property searches and purchases. Investing in pre-construction condos in GTA continues online.
The pandemic has plunged the global stock market into terror; however, there are reports that the Canadian and Australian housing markets appear to be virtually unaffected. The Canadian housing market has recently been boosted by recent rate cuts.
Interest rates have been the lowest we have seen, as the Bank of Canada cut interest rates by a full percentage point in March. As a result, homebuyers who want to get a mortgage can expect to borrow at a reduced rate. Fixed-term mortgage rates are also declining, with homebuyers. They are now having more flexibility to borrow more and get a higher home price – or to get a better mortgage rate and pay more on a mortgage. It is also an incentive for first-time homebuyers and can be of great interest when interest rates have fallen. If it is economically feasible, it may be a good time to buy Condos in GTA for sale.
When interest rates are low, the housing market is flooded trying to get all buyers into it. But with the current situation in the world, buyers are creating some kind of resistance and as a result, the market is more competitive. Let’s say, when one demographic doesn’t feel like buying, the opportunities open up for another demographic to enter a less competitive market.
Needless to say, in terms of pre-construction condominium projects that are now on sale, prices are set, and for now, they won’t go up or down. We say that now is not the time to “wait and see” to stand out. When everything returns to normal, everyone will be away buying again, maybe even to make up for a lost time. If you’re trying to avoid competition, you’d rather skip the “wait and see” strategy.
The housing market in the latest condos assignment in Ontario is seeing tremendous demand. Get it today!
