Blog Post

Buying in the New Reality

Raynor Powell • April 22, 2020
It’s no surprise that some people might be hesitant to buy a condo or home in this new social distancing reality, especially when income has been affected and investments have been hit hard. Despite all this however, in Toronto, the market is still moving.

The fact is, for many different reasons people still need to buy and sell. As real estate is still considered an essential service, real estate associations, brokerages and agents have been finding new and innovative ways to keep things moving as smoothly as possible.

Fortunately, in today’s virtual world, all the tools needed are already available and many have been in use pre-pandemic. Throw in a little creativity and ingenuity, and we’re seeing real estate transactions continuing to occur.

So what does this new reality look like for buyers?

Here are some of the biggest changes:
  1. Showings start virtually. Many brokerages like mine are making increased use of 3D walkthroughs for a more immersive visual experience, enabling you to better visualize a space. We also ensure floor plans are included so you know exactly the space you are getting.
  2. Virtual open houses. In addition to 3D walkthroughs, agents are scheduling live video walkthroughs with the owner. This enables you to see a unit or home as the owner or agent walks through it, giving you the opportunity to ask questions, see specific details like what the inside of that closet looks like or what is under those stairs.
  3. You can still physically inspect a place. BUT, you must be a serious buyer and will be required to sign a consent form essentially stating that you are free from any COVID-19 symptoms, have not been in contact with anyone that has it, have not been diagnosed with it and have not travelled outside of Canada in the last 2 weeks. In addition, safety protocols must be followed while on site, such as hand sanitization, use of masks and/or gloves, and no touching of anything in the home.
  4. Wire transfers are the new normal. While we are all used to paying for things electronically these days, real estate deals are commonly done using certified cheques or money orders. Real estate lawyers are now being set up to accept funds electronically into escrow accounts. As a result, fees for wire transfers have been reduced to assist buyers with this process.
While the new reality may make the home buying process somewhat more challenging, the good news is that you can still buy (or sell) and mortgage rates are extremely favourable right now.

Want to know more about how the current pandemic has affected real estate? Give me a call on 647-716-1276 or drop me a line.

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