One of the most beautiful cities in Canada is Victoria globally known as “The Garden City,” it is located at the furthest end of Vancouver Island. Most of the Victoria residents are retired people who come to this beautiful town to enjoy their old age in peace and tranquillity.
It has spectacular beaches and coasts; it is more than normal to see the influx of tourists throughout the holiday season and potential buyers. But this beautiful town does not escape the current Pandemic that the world is experiencing, that is why the real estate market is affected.
This year, it was estimated that the property sales in Victoria’s city were in a balanced way during the year. The houses were intended to spend a couple of days on the market before being purchased by a buyer.
Buyers in 2019 were affected by the lack of homes that Victoria suffered; this greatly limited the market and led to new condominiums. The most requested neighborhoods were Saanich, Langford, Oak Bay, and Sydney.
Baby Boomers Will Enter The Market This Year
Baby boomers are the ones who add material to the housing market within Victoria in the coming years. These are the people, who have the necessary savings to enter the market, but this does not mean that young people who also want to buy should be ruled out, but they cause greater market demand.
Real Estate Market And COVID-19
It is not a secret that the COVID-19 Pandemic affected the global economy; real estate is no exception to this. The largest sales this year occurred within February and March, just as the Pandemic began to spread.
In Victoria, a state of emergency was decreed on March 18, leading to the closure of most stores in the city, only the important sectors remained working. After this date, they began to show a drop in the real estate market of up to 6.8% to 15%, which leads to concern.
The number of transactions within real estate saw a 33% decrease compared to those of 2019. The percentage of buyers, who decide to wait for the Pandemic to end, is very low; perhaps it is positive news, for sellers of the estate.
Real estate buyers and brokers’ new adaptation
The City of Victoria Real Estate Board tells us that it is difficult to predict how the real estate market will behave during this Pandemic. The traditional life of humanity, changed with this Pandemic, therefore predicting the behavior of something if it makes it very difficult.
In Victoria, real estate agents learn to conduct business virtually through web platforms that facilitate contact with the buyer. In addition to including within a visit, request the necessary hygiene measures for virus protection.
Measures During The Pandemic
The support measures implied worldwide by the different governments are what have helped to replace during this Pandemic. Normally as the bank has a rise in mortgages, the payment terms that exist at the time stop.
The British Columbia government has suspended the evictions and is also not issuing actions leading to this, since it knows that most people are financially affected.
Do You Want To Buy O Sell A House?
In Victoria, prices have increased lately, so sellers are happy, but this doesn’t feel very good for buyers. Home prices may fall due to the Pandemic as demand may perhaps decline over time.