These months have been a bit difficult for many Canadians due to the new coronavirus pandemic. It is a crisis that has affected not only Canada but the rest of the world, social distancing has affected the real estate market and the economy.
Although real estate is an essential service and continues to operate, it has had many changes that have affected the purchase and sale of properties. Depending on the state’s interventions and your financial situation, you will feel more confident about buying a property.
In recent months, the drop in real estate activity has been considerable. For March, the sales of living were few in all the cities of the country. The pandemic has led many real estate agents to reinvent themselves, and with the technology, they have made virtual tours in 3D or 360 degrees.
When there is a buyer interested in seeing the house, they take all security measures and social distancing for the care of all. They have also implemented electronic signatures, and to facilitate all transactions; they have remote closure.
If you are looking for a home to buy for the first time, you should know that it is good to enter the real estate market. Here are some options that can help all first-time buyers when it comes to buying a home:
The Bank of Canada lowers interest rates
The Bank of Canada has made changes and reduced interest rates in recent months due to the new coronavirus. The Canadian government made this decision to soften the economic blow caused by the pandemic.
The real estate industry is one of the largest sectors in the Canadian economy. This means that low rates can encourage many Canadians to buy a home.
For March, the Bank of Canada reduced interest rates from 1.75% to 1.25%, which meant activity in home purchases, especially in the most expensive places.
Beat market competition
Although COVID-19 meant a brake on the Canadian property market, it can also be a great advantage for first-time home buyers. You may find an offer right now to buy the home of your dreams.
If you want to buy a home, you can find your trusted real estate agent and connect digitally. You will have the opportunity to make a virtual offer and see the house from where you are thanks to technology.
This is a great opportunity for this real estate market because open houses are currently not available. If you like this technology, you can continue with your search for housing wherever you want.
Although the time seems strange to invest, you must take risks and decide to obtain your home wisely.
Economic fall? It should not be a problem
People who decide to buy a home right now do not have to worry about selling the one they had to finance the new one. If you have money saved as a cash advance, you should not have problems due to an economic recession.
If you have a stable job and can continue working and have financing, you can think about buying a home. Currently, you can be a first time home buyer and benefit from low-interest rates.
The pandemic and the difficult times should not mean that everything will be bad; you can think about buying your home and making a good investment. When everything returns to normal, the demand that existed before in the real estate market may return.