Real Estate

Locked: Coronavirus impact on Real Estate

  • Last Updated:
  • Oct 31st, 2020 11:26 pm
Newbie
Jan 22, 2018
99 posts
44 upvotes
smart people will take advantage if theres any sign of weakness.
stress test and interest rates likely to go down which will boost prices and demand imo
[OP]
Sr. Member
Mar 13, 2017
984 posts
1155 upvotes
knightou123 wrote: smart people will take advantage if theres any sign of weakness.
stress test and interest rates likely to go down which will boost prices and demand imo
this advise sounds similar to this from this past Mon:


750 pnts down later ... maybe a little more than a "blip"

personally I was shot airlines this week. we'll see what next week brings.
Sr. Member
Feb 2, 2007
858 posts
738 upvotes
GTA
1cat2dogs wrote: personally I was shot airlines this week. we'll see what next week brings.
I hope you got proper medical care, being shot is serious trauma. :twisted:
Deal Guru
Feb 29, 2008
12646 posts
7889 upvotes
Much ado about nothing. This virus is nothing to be scared of. I’m going out today and have no worries.
Deal Guru
Feb 29, 2008
12646 posts
7889 upvotes
fiddlewin wrote: I'd say no because the current situation seems rather mild compared to SARS.
Main driver for Toronto market is not rich Chinese investors - you can just take a look at RE in Markham/RH compared to other areas.

Biggest impact will come from this year's city budget meeting - let's see if vacancy and luxury home tax will be implemented.
Markham and Richmond Hill reminds me of 2009-2010 when no one was buying and you could negotiate with the builders. The best time to buy is when no one is buying. Worst is when everyone is buying. There are deals to be had in RHill and Markham.
[OP]
Sr. Member
Mar 13, 2017
984 posts
1155 upvotes
JayLove06 wrote: Markham and Richmond Hill reminds me of 2009-2010 when no one was buying and you could negotiate with the builders. The best time to buy is when no one is buying. Worst is when everyone is buying. There are deals to be had in RHill and Markham.
I like this idea.
Sr. Member
Feb 19, 2019
854 posts
932 upvotes
Stouffville ON
JayLove06 wrote: Markham and Richmond Hill reminds me of 2009-2010 when no one was buying and you could negotiate with the builders. The best time to buy is when no one is buying. Worst is when everyone is buying. There are deals to be had in RHill and Markham.
It's sellers market, this house while nicely renovated, decent size by not huge had over 20 offers.
https://www.bungol.ca/map/43.855851&-79 ... 28-4025887

There is plenty of buyers and not enough sellers.
Full Time and Full Service Realtor
Deal Fanatic
Feb 22, 2011
7310 posts
7810 upvotes
Toronto
senasena wrote: It's sellers market, this house while nicely renovated, decent size by not huge had over 20 offers.
https://www.bungol.ca/map/43.855851&-79 ... 28-4025887

There is plenty of buyers and not enough sellers.
My wifes coworker sold her town house last week in Hamilton and it had 65 offers. There were 20 showing requests in the first 24 hours.

Coronavirus is having 0 impact, as it should.
Deal Guru
Feb 29, 2008
12646 posts
7889 upvotes
senasena wrote: It's sellers market, this house while nicely renovated, decent size by not huge had over 20 offers.
https://www.bungol.ca/map/43.855851&-79 ... 28-4025887

There is plenty of buyers and not enough sellers.
I put Markham and Richmond Hill in different buckets. Markham has much more activity in the $1M+ range. There are a lot of sellers, just depends where. Because in areas like RHill there are plenty of sellers. Not many buyers.
[OP]
Sr. Member
Mar 13, 2017
984 posts
1155 upvotes
mazerbeaner wrote: My wifes coworker sold her town house last week in Hamilton and it had 65 offers. There were 20 showing requests in the first 24 hours.

Coronavirus is having 0 impact, as it should.
65 offers. Ok
Unless the list price was such that it triggered an auction - I doubt it. But please do provide an addy so I can look into that - sounds fascinating.

I don't disagree that the current virus data shouldn't impact the spring market, however my drive through China Town each day looks identical as it did during SARS. I think it's reasonable therefore to assume some correlation between events - even though both the market and virus look totally different. Media has changed the human condition. In some ways we are less responsive to fear triggers given a desensitization. In other ways fear seems to be sparked easily. This virus-that-could-kill-you narrative seems to be pretty fear inspiring.

Keep in mind that CNN and most other major US networks have chosen not to make the spread of this virus a lead story ... yet. That seems to be changing with the recent suggestion the world wide infection rate might be closer to 75K.

What do you think fear will look like once CNN & FOX start a spread and death toll ticker?
[OP]
Sr. Member
Mar 13, 2017
984 posts
1155 upvotes
JayLove06 wrote: I put Markham and Richmond Hill in different buckets. Markham has much more activity in the $1M+ range. There are a lot of sellers, just depends where. Because in areas like RHill there are plenty of sellers. Not many buyers.
Yes. Certain price points in certain pockets trigger good FOMO action. The $1 - $1.3M detach market is as hot as the B20 box condo market. FOMO is bottle necked up good.
Deal Fanatic
User avatar
Sep 8, 2007
8736 posts
9567 upvotes
Way Out of GTA
MagicPants wrote: It seems the spring market might be a soft one... people are avoiding going out.. not willing to take risks with the virus going around...
Priced out bears gonna be getting houses for free in Markham. People just gonna be walking away.

It’s finally here bears.

/s
"It is in times of great fear or greed that the most opportunity exists."
Deal Expert
User avatar
Feb 11, 2009
17600 posts
4589 upvotes
Toronto
2 Cases of a "Cold-Like" virus in Toronto driving down housing prices?...somehow doubt that.
Real Estate Agent, MAcc, CPA, CA
Deal Fanatic
Oct 7, 2010
9299 posts
1407 upvotes
No impact. The market will keep going up. There is no stopping it. Just because the market doesnt report foreign buyers doesnt mean they arent massively buying.

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